House prices fall a further 2 percent
Posted on April 01st 2009
The land registry office has announced that house prices in England and Wales have gone down a further 2 percent in value.
They have announced that some prices are as low as they were in 2004. It’s not all bad news as some of Britons major lenders have cut their fixed interest rate mortgages in a hope more home owners will fix their mortgages.
Although the economy is in a crisis there are some good deals that could help alot of homeowners make the most of the crisis by getting lower fixed mortgages, however homeowners have been warned to be cautious about entering into a fixed mortgage as properties values have gone, down some will need to lend more to cover the cost of their mortgage.
The head of money supermarket has announced that it would be in the best interest of homeowners looking to get a fixed interest rate mortgage to do it now as prices won’t go any lower and it would be in their best interest to fix their mortgage for 5 years instead of two. In the next 18 months prices will go up and as their two year deals come to an end they will have to pay higher interest on any future mortgage deals.
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