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Greenhill Finance Explains Why Falling House Prices Are Really so Scary
(PRWEB) May 30, 2008 -- This is backed up by a recent report from The Chartered Institute of Surveyors, house prices across the U.K are starting to drop. This could cause concern but GreenHill still believe that for the majority the possibility for negative equity is is pretty remote.
According to the www.nationwide.co.uk, the average price of a house has risen from £77,698 in the first quarter of 2000 to £179,363 for the same quarter of 2008.
The BBC's programme 'Truth About Property', recently did their own report using HomeTrack, who actually stated that the average house owner had £167,000 of equity.
So where's the recession and is it just a slowing down of a market that was well overdue?
David, a senior advisor of Greenhill Finance www.greenhillfinance.co.uk said, 'The market today has been over inflated, due to a number of reasons: The ease of gaining credit, coupled with better selling estate agents, and low interest rates. This means that more and more available money came into the market, pushing prices up. Now those easy mortgages are nowhere to be seen from most lenders due to the credit crunch, and we are now seeing truer figures. There may well be a stiffer down turn in house prices, but people in many cases have made massive money on their homes'.
With figures of £100,000 plus as equity, is it any wonder that for first time buyers the amounts required for buying are just far too big. With these buyers out of the market, it lessens the amount of liquidity coming into the market, which loses other possible sales opportunities for the vendor, which is helping drive prices down.
David went on to say, 'things are only worth what people are willing to pay. I'm not sure a recession is on the way, but certainly there will be an adjusting of what people's estate is worth. It was always going to happen. The way things were could never carry on.'
'Therefore, with the stiffening of house prices, many may stay put in their homes and invest what they can in making their homes nicer through remortgaging on their homes or taking our secured loans. For the most part, home owners have done very well from property, and probably still will.'
Greenhill Finance can help select the best secured loan with money in the bank within 21days, please call: 0800 916 4148 or visit www.greenhillfinance.co.uk.
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