iNews.co.uk - Is now a good time to buy a house? What experts say about UK market and why house prices will fall further
House prices have fallen at their fastest annual pace for 14 years, new data from Nationwide shows, revealing prices have dropped by 3.8 per cent, the biggest decline since July 2009.
Aaron Strutt of brokers Trinity Financial told the i newspaper: “Drops of 10 to 15 per cent seem possible. With fewer buyers able to obtain affordable mortgages they can negotiate harder with sellers to get a better deal.
“We are still getting calls from people with offers accepted, particularly first-time buyers who want to get on the ladder and out of the troubled rental sector. Wealthier borrowers are still moving and buying bigger homes.
Aaron added: “Five-year fixes tend to be more competitively priced than shorter-term fixes. Ten-year fixed rates undercut most other fixes and trackers in the market at the moment but many have high early repayment charges, which means they are expensive to get out of. However, they are generally portable.”
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