Recent Posts
There is no doubt that Michael Usher Mortgage Services are not as busy as we were this time last year, then again no-one is … or so we’re told by the media, no this is not another media bash.
Here is a quick press release for the Council of Mortgage Lenders, ( a very grand title don’t you think), they represent banks, building societies etc.
Gross mortgage lending declined to an estimated £12.4 billion in January, an 8% fall from £13.5 billion in December and a 52% fall from January 2008, according to the Council of Mortgage Lenders.
A slight decline is typically experienced between December and January. However, this is the lowest monthly total since April 2001.
Bob Pannell, CML head of research, commented:
“Mortgage lending activity continues to be very weak and while people are searching eagerly for some signs of recovery, it would be unrealistic to expect a meaningful revival in lending in coming months. Even when conditions do improve, gross lending will be one of the later measures to recover.”
I have a friend who sells brand new houses locally for a large company, (sorry can’t say which company, she might get in trouble) and she told me that they have had their best month for over 7 months..
Now the truth is, they have reduced their prices (as everybody has to who really wants to sell), but at least they are selling.
Too many people are sitting in properties that they want to sell, but believe they should get the same price as they were quoted by the estate agent last year…hey it aint gonna happen.
People have to be realistic about there pricing.
But, its not all doom and gloom as the papers would like you to believe. Some areas in the Uk are doing well and prices have stabalised. There are a lot of property investors out there right now looking at buying up properties at 10% below today’s asking prices.
Why? because mortgages are cheap, there’s a shortage of housing and rents are high duh!
I’ve said it hear before on this blog, overall there is a shortage of houses for the growing Uk population, so in a supply and demand situation ie. lack of houses… price goes up eventually.
In any economy the value of “things” including houses go up and down and what I am saying are my personal thoughts.
But at then end of the day, you have to make the choice, but I would say get out there now get a bargain and buy a house.
Michael
01276 670777