House prices fall 2.6% - time to snap up a bargain?

A recent report by the Halifax reveals that house prices have fallen back down to the level that they were in 2005.

The latest monthly figures from the Halifax claim that house prices have fallen by 2.6% which could represent a fantastic opportunity for investors and first time buyers to purchase a home at an affordable price.

In July 2007, the house price to earnings ratio had peaked at 5.84 which was preventing homeowners from moving onto and up the housing ladder. Last month the figure was just 4.56 which represents a much more affordable level for homeowners across the country and will inevitably offer hope to those who wish to own the roof over their heads.

With interest rates falling to 2% tracker mortgages are the most affordable for over half a century and Darlings Pre Budget Report contained a number of initiatives designed to breathe life back into the property market.

It seems that now may be the time to swoop in and pick up a bargain that should prove a worthwhile investment in the long term. A house that may have been just out of your reach last Christmas could be well within your grasp this year and ContractorFinancials can help you to get the mortgage that you need to purchase it. The trick will be to bargain hard so that any further drop in values is pre-empted but this could be the opportunity for those looking to trade up.

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