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 SmartNewHomes.com market predictions for 2008
SNAPSHOT:
· Interest rates will drop by 0.50% over the course of the year
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November Interest Rate Statement
David Bexon, Managing Director of SmartNewHomes.com, comments on this month’s decision from the Bank of England’s Monetary Policy Committee (MPC) to hold interest rates at 5.75%:
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Yet another new government agency, yet another let down for the property industry
David Bexon, Managing Director, SmartNewHomes.com responds to the Housing and Regeneration Bill, referred to in the Queen’s speech today:
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First Time Buyers set to benefit from slow sales
According to the SmartNewHomes.com monthly index, the average price of a new home is down 0.9% on last month. Prices have dropped for the third consecutive month, with the average new home price at £257,036, down 1.2% in the last three months.
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Are Ikea homes a solution to the FTB crises
Questions: are Ikea homes a solution to the FTB crises? If not, what is? Will it be easy to get a mortgage on them?
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Second pre-budget report comment
David Bexon, Managing Director, SmartNewHomes.com, comments on today’s pre-budget report:
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“I am pleased to see that interest rates have been held at 5.75%. However, this comes as no surprise considering that there is already evidence of a slowdown in the market and recent reports of an increase in repossessions. A growing number of first-time buyers are looking to get onto the ladder and have been unable to keep up with the UK’s fast growing house prices.
“I would now like to see a freeze in interest rates, if not a fall to allow the market to stabilise and to reduce mortgage repayments for already struggling homeowners. The increase in the number of repossessions currently taking place in the market should act as a stark warning that all is not well, with a growing number of homeowners simply unable to cope with the series of earlier interest rates rises this year.”
See Also: Press Releases (379)
Date Published: 06 September 2007
