Average price fall for 15th month
Average property prices have fallen for the 15th month running, certain areas in the South East of England have now fallen by as much as 13.7% in just one month. This will not be what homeowners want to hear in the festive season. The pound is low against the Euro, £1 buying just over 1.1e.
While many people will be enjoying the low mortgage rate and cuts in petrol costs this will leave many having serious thinking to do at the start of the year to get their finances in shape. Whether you are making cuts to your annual budget, looking to save money on essentials or earning a little bit extra here and there everyone will have a reality check in the month to come. January is usually a time of re-evaluation and sincere resolutions, we need to ask ourselves some questions about the way we live and the companies we use. January will be a time for retailers to think their budgets, more so than ever!
If you believe the government we have been spending too freely and borrowing to do that, were we not encouraged to do just that? Many of the methods lenders used in the past are now discredited such as cold calling offering loans, 100% mortgages, the proliferation of credit cards and others, leaving ordinary people with huge debts they are struggling to pay.
A a better note, the total number of property sales in the UK is expected to start to rise in 2009, the number of sales has fallen to just 17% of what it was at the peak of the market.