2009 Brings more gloom to the Uk housing market
2009 is set to bring more gloom to the housing market. Experts are expecting house prices to fall by another 12 per cent in the next 12 months. A staggering 8.7 percent fall in prices has happened in the past year with figures continuing to drop in 2009.
This news brings more bad news for more than one million people who will need to remortgage. They will not get the great interest rates that are available to customers, as they do not have enough equity in the property. This will force them to pay higher interest rates and make the current situation even more difficult for homeowners.
It is believed that the property market has hit a brick wall, because banks and buildings societies are refusing to lend. Larger properties have seen six figure falls since summer 2007 and the average time it has taken to sell a property has risen from 6 weeks to 12 weeks.
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December 29th 2008