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Lowest interest rates on record stopping prices falling further

04 March 2010

Nick Hopkinson, Director of Property Portfolio Rescue (PPR) comments on the latest lender house price surveys.

He said:

“Sellers remain scarce and huge deposits with a perfect credit score are still essential for buyers needing a mortgage. Monthly house price survey reports are statistically likely to rise under these false market conditions; which is exactly what the lenders' stats have been reporting recently. However, the February data from even the most bullish of the mortgage salesmen is showing what they claim to be “shock falls”.

“Against a backdrop of high unemployment, falling household incomes, increased taxes and massive public spending cuts to come; it is difficult to see where any sustainable house price gains can come from in the near future. The only thing stopping prices falling further is the continuation of the lowest interest rates on record. Inevitably, interest rates will have to go up at some point and this “ticking time bomb” will have a devastating impact on many struggling households.”

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In the Spotlight

Every month we invite an industry regular to pop in for a brew and a chat with MyIntroducer to find out what they're up to and how business is fairing so far in 2009.

This Month we talk to Gary Bailey, Company Director at Manchester based lender, Blemain Group. Click to Read More...

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LeadPoint UK Celebrates 4th Birthday

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