Some people are claiming that talks of the housing market starting to make a recovery have come along way to soon. Recent news has reported that the house prices are set to rise for yet another month, and the banks are ok-ing more mortgages. Yet another report has come out recently, making claims that things arent as rosey looking as thought. The report also goes on to claim that prices are still falling and have much, much further to fall still.
Lloyds TSBs new mortgage plan, is being dismissed as not being able to simulate the economy as once was first thought. The mortgage allows savings of a relative or friend count towards a deposit which is needed to secure the loan. The problem is if the loan doesnt fall from the 95% of the homes value to 90% in three years Lloyds will hold the relatives money until that 90% is reached.
People in the industry are saying that it is much too soon to even be thinking about recovery in the industry over housing prices, and we could as much as 10% coming off in the comin months. Just who do we believe in this situation here? Recently we were told that the sector was recovering, but then the next prices are going to fall even more. We need to keep an open mind over these reports and take the advice with a grain of salt. Do listen to what is being said, but keep an open mind about it, no-one seems to be agreeing on anything in the market at the moment. Were still in a recession, where jobs arent safe and prices are high, so were keeping the purse string tightly wrapped up. Its seems the sensible thing to do is see where the sector goes from here.
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