Free Online Article Directory. For Article Authors & Publishers
London Sees Largest Drop In House Prices
Latest figures have revealed that house prices in London are dropping quicker than anywhere else in the UK. There has been a drop of nearly 10 per cent on the average house in the last 12 months, according to price monitors Housetrack; this compares to a figure of 8.1 per cent for the rest of the country.
The average cost of houses across the London is now 285,400 pounds. This puts the average cost of properties in the cheapest boroughs below the stamp duty threshold of 175,000 pounds.
The lowest of these are Dagenham and Barking which average 143,900 pounds, then at 166,100 pounds there is Lewisham, 166,800 in Bexley and in Newham the average is 170,500. Barking and Dagenham were the only boroughs in this bracket 12 months ago.
Kensington and Chelsea have seen large falls in price seeing in some months, average prices falling by as much as 11,400 pounds. Hackney has also seen very weak prices. There have also been boroughs with an annual drop into double figures, the worst of these being Merton at 14.1 per cent followed by Sutton at 12.2 per cent.
Buyer confidence is almost certain to be depressed further as the economic downturn gathers pace and we expect house prices to fall a further 20 per cent in 2009. A property expert at Capital Economics said: "The pace of house price falls in London has intensified, which is not surprising given the large scale City job losses and growing expectation of sharp cuts in City remuneration." In addition, in the top end of London's housing market transactions, homes priced at over 2 million pounds, were 53 per cent lower than a year ago.
An analyst from IHS Global Insight said: "Credit conditions remain tight, while affordability, especially in London, is still poor. Unemployment is rising fast, income growth is muted and there is widespread expectation of further house price falls and recession. We expect house prices fall a further 15 per cent in 2009. A reduced fall of five per cent in the first half of 2010 may then be followed by a period of stability."
A Director of Research at Hometrack, said, "The market has been stripped back to the bare bones in terms of sales numbers. The cuts in the Bank of England's base-rate are unlikely to have much direct impact on the market in the short run. Mortgage rates remain relatively high and are rarely available for more than 75 per cent of the value."
Frank Knight, agents for some of the most prestigious properties in London, say that the best properties in Central London have fallen by 3.6 per cent and represent the second biggest drop recorded.
Some commentators have been talking up "green shoots" in the property market. This is serving to confuse the public. The "green shoots" represent the signs that people are beginning to return to the market as mortgage approvals are up. This indicates that the numbers of house sales are beginning to edge up - but this is largely as a result of bargain hunting. There are still no concrete signs that the prices of houses are sprouting.
Author Resource:-
Are you wanting to buy a new house and need a Mortgage, visit Brokers Online for a great deal. Brokers Online also provides its UK clients with Life Insurance, Mortgage Payment Protection Insurance and many more financial products.
While you purchase a home, you'll probably be making most significant purchases in your lifetime. Because buy a home is such a significant financial endeavor, you will have to keep in mind essential factors that go into shopping for a new home.
For most of us, buying a home is our biggest life investment. As a result of a new house being such a major purchase, you will have to consider all the important fundamentals about what is a must to do to buy a mortgage and get the appropriate mortgage you can afford.
Bottom line is that housing is much more affordable today than three years ago. This is causing downward pressure on inventory. Add to this that the pipe line is not being filled with new foreclosures as fast as it was even two years ago and you will see price appreciation.
It's not an easy decision to make as to whether you lease or purchase your business premises. Your company buildings such as offices, factories and warehouses may be your most expensive business venture, but they can also turn up to be the largest business investment too. It is therefore advisable to take some time to think over this huge decision.
My potential buyer was looking at the home with an eye to renovating it. She told me she would be buying this home without any financing. I almost said to her, "I can't not get you financing, you will have to buy it without something else." But I just smiled and told her that I felt sure this house would go quickly for cash. (most of our REO inventory sells for cash).
For the past three months Gail and I have been looking for a home to buy. Every few days I would check out new listings in the area we chose. We toured a few homes a week. We made an offer on a home on Wednesday. The offer was accepted. We still need to qualify for the mortgage and complete our home inspection, but I foresee no obstacles t a successful close
Here are the reasons we bought now...
During the current market environment, numerous people are looking for ways to save cash, and one avenue that is becoming very effective, is to benefit from refinancing mortgage. Home loan refinancing is basically exchanging an active loan deal and its connected interest rates with another mortgage.
Mortgages facilitate Canadians to pay for homes, lower the rate of interest on homes they previously have, and tap otherwise untouched house equity and exploit it for home improvements. Devoid of the favorable influences of mortgage loans, it would have been compulsory to buy that home with money. Home mortgages are a lot more than mere property loans.
Home mortgages are a lot more than basic property loans. With the help of refinancing, you will be able to benefit from better rate of interest, longer or shorter pay off time, or save for old age! With the help of a home equity line of credit, you can consider that spare funds for those unpredicted emergencies which come about.
The number of houses in foreclosure has escalated to more than 13 million houses across the nation. While no homeowner wants to have their property foreclosed upon by the bank, many have no other option. Mortgagors that want to avoid foreclosure have to be very proactive the second they cannot afford their loan installment.
![[Valid RSS feed]](http://www.articlelisted.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Michael challiner's Author Feed
Print This Article
Add To Favorites 