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Mortgage funding still hard to come by
Figures released from the Nationwide show that property prices are declining at a much slower level than previously.
During April the average price drop was 0.4 per cent, during March prices had increased by 0.9 per cent and the annual decline in property prices also narrowed from 15.7 per cent to 15 per cent. The average property price was also up by 0.6 per cent, a rise taking into account seasonal spikes such as during the Spring when traditionally house hunting begins.
Property prices have stagnated as first time buyers, trying to step on to the ladder, are unable to secure mortgage funding unless they have a sizeable deposit and a record of exemplary credit. Without the first time buyers entering the market, those above them are stuck for purchasers and remain in property limbo.
The Land registry released figures recently outlining the number of transactions that had taken place in the property market. The figures showed that the number of housing transactions in January was 57 per cent lower than in the same month in 2008 and that the sales of larger family homes valued at between £250,000 and £400,000 were the worst to be affected by a drop of 67 per cent.
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Your property may be repossessed if you do not keep up repayments on your mortgage.
For more information on how we are paid for mortgages please click here.Grovelawn Financial Services, 1C Restormel Industrial Estate, Liddicoat Road, Lostwithial PL22 0HD — T: 01208 872689
Grovelawn Financial Services is a trading style of Grovelawn Limited
Grovelawn Limited is Registered in England & Wales number 5030300. Registered Address: 98 Station Road, Sidcup, Kent, DA15 7BY.
Consumer Credit Licence Number: 573287