House Prices Expected To Drop This Year
The council of mortgage lenders is suggesting that house prices might drop around 7% in 2008. This would seem more than likely as demand for houses has halved, according to some sources, and the availablity of mortgages has been reduced.
The credit crunch has demonstrated that you cannot go on borrowing more and more, forever. It seemed obvious but somehow those in charge of these things didn’t notice that basic fact. For most of us who have no plans to sell up it makes little real difference whether our houses are worth a million or tenpence but it will be a worry for those who bought at the peak of the market. No doubt prices will rise again in a year or two when we have all got our finances back into better shape but it could be that this year will actually be a good year to invest in housing, if you get your timing right.
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