New home buyers can benefit from falling house prices, according to one mortgage expert.
Nationwide's House Price Index, published last week, revealed the second consecutive house price fall in August.
This has led to speculation that the speedy recovery last year may be checked by a market correction, as more supply comes onto the market.
Commenting on the decline, the editor of What Mortgage? Ben Wilkie said: "I think house prices are a barometer of the confidence in the economic situation, and, because we're a bit worried about the position we're in at the moment, house prices are going to be a little bit more unpredictable than they would be otherwise."
However, he added that the only segment of the market which will be unduly affected by current market conditions are those looking to remortgage.
First time buyers and movers are likely to gain from more affordable mortgage rates and cheaper house prices.
See Also: Property News (0)
Date Published: 08 September 2010
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