House Prices Down, Down, Down

House prices are falling by £83 a day in some places in the UK which is more than the average person takes home in wages a day which currently stands at £69.65 after tax. The average prices of homes in the UK are falling at £45 per day since the beginning of the year. This has totaled to a massive £35 billion.

House Prices Down, Down, Down
By [http://ezinearticles.com/?expert=Barry_Loughran]Barry Loughran

House prices are falling by £83 a day in some places in the UK which is more than the average person takes home in wages a day which currently stands at £69.65 after tax. The average prices of homes in the UK are falling at £45 per day since the beginning of the year. This has totalled to a massive £35 billion.

This recent slump in the housing market has seen prices fall at its fastest ever, since records began nearly 25 years ago. Experts predict that house prices in 2011 will be as much as 35% lower than last year's peak.

This is a u turn compared to last years prices as they were on the increase of around 30%, many believe that house prices are being restored to what they should be worth.

Many people would believe that now is the time to buy property but if you are a first time buyer, you will struggle. Mortgages are becoming harder to obtain, especially for first time buyers with the economy seeing an all time low for new buyers taking out mortgages.

This is merely down to the lenders tightening their lending policies even more and increasing their interest rates. First time buyers are really struggling and with times only getting harder, new measures need to be introduced to salvage the sinking housing market.

The government have proposed to cancel stamp duty in a bid to lure buyers back into the market but only time will tell if we can bounce back from the devastating credit crunch.

You will need to research the thousands of [http://www.moneysupermarket.com/mortgages/]mortgages out there to find the best [http://www.moneysupermarket.com/mortgages/]mortgage deal for you. You will also need to shop around when you need to remortgage your property.

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