House prices set to dive again
Homeowners should expect to see the price of their property fall over the next six months, it has been claimed.
The prediction from Firstrung may encourage Brits to stay put and improve their houses with bespoke conservatories, a kitchen extension and other new additions.
According to the firm, the country has experienced a "perfect storm" in the housing market.
Chief executive officer Paul Holmes noted that the property industry enjoyed a boost created by the availability of cheap credit.
However, this source of capital is now drying up and getting more expensive, in spite of the Bank of England's refusal to lift the base rate of interest above its current record low of 0.5 per cent.
"You will struggle to get mortgages below [a rate of] five to six per cent unless you've got a very hefty deposit," he explained.
"I see falls [in house prices] of ten per cent without a doubt, over the next six months."
Posted by Ashley Ault
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