House slides but market constant on the same status
An economist of Halifix has intimated in a survey paper that the property prices have been constant for the first month of the year 2010 when the economy was passing through very tough period. It is expected that the market would stay unaffected in terms of both prices and sales of property in forthcoming months. The value has slipped down by 1 per cent compared to the last year where the experts had predicted for the declining up to 0.7 per cent. The average value of houses is £164,299 this time.
There were symbols of reticence pick-up in property doings. The has added further that the number of loans permitted to buy houses all over the country, increased by about 3 per cent in the month of October. The seasonally attuned property transaction touched the total number of 52,700 in the month of October. On the other side, the chief economist of Global Insight Howard Archer says that the prices would be continuing to fall by mid 2012.
According to Howard Archer, a good number of people are getting problem to enjoy the affordable homes. And there is momentous worry that the bank’s future capacity to provide property buyers with loans could be affected by the wholesale funding situation. Lucy Pendleton, belonging to London based real estate agency, has intimated that the country may not be protected from the downfalls coming to take place. The capital is not going to be a safe economy for property professionals. It would lose the consumer’s confidence if the downfall continues further, as the estate agent has stated.
On the other, the government has also decided to help the house buyers and it has introduced a scheme in the property market, which helps the people to get a home through very ideal way. It is a collective justness plan in which the house owners take out the mortgage at 75 per cent of the total value of home and put about 5 per cent deposit, where the government authority and the property agency would take 10 per cent shares each from the property. In nutshell, the borrowers would be buying the left over 20% shares. But a very serious concern takes place here. The scheme cannot be helpful to get a home for first time buyers when the economy is passing through very unhealthy situation. And that is the reason why the scheme is not doing well among the people.
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