Property prices lowered by sellers by £17,000
Homeowners who need or want to sell up are finally lowering the prices by an average of over £10,000. There are had been a growing trend in fixed prices with many sellers waiting on the right price rather that lowering prices. It seems that many are now lowering the price they will require to sell.
While this will be a blow for sellers it means it’s a buyers market and there are loads of bargains out there particularly for first time buyers who have saved a deposit and were previously ‘priced out’ of the property market.
There is good news on the financial front with inflation rates set to fall to 1% and The Woolwich passing on recent cuts in lending rate of under 4% for the next year
The government has pressed lenders to pass on the recent cut in interest rates from 4.5% to 3% to borrowers and it looks like this message is finally getting through with rates available to customers set to fall into line with the pre credit crunch level of 0.15% to 0.2% variation from the Base rate as set by The Bank Of England.
The cost of inter lender borrowing has now dropped back to 4.2% meaning that the crisis in mortgages should now start to improve.
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