House prices expected to tumble - Mortgages - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

House prices expected to tumble

House prices expected to tumble

Category: Mortgages

Updated: 14/08/2012
First Published: 14/08/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House prices are anticipated to fall rather than increase over the next few months, according to 23% of surveyors.

Figures released by the Royal Institution of Chartered Surveyors (RICS) revealed that many surveyors expect prices to decrease, prompting more realistic pricing from homeowners.

A large number of sellers inflate the asking price on their property, in the hope of achieving the best possible price on their property and boosting capital.

The report found that interest from house hunters had remained reasonably good during July, despite the poor weather. Tighter lending requirements from banks and building societies continues to restrict many potential borrowers, however, particularly first-time buyers.

House price falls are most likely to occur in West England, East Midlands, Yorkshire and Humberside.

Recent house price indexes from Nationwide Building Society and Halifax have reported decreases in average UK house prices.

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

2016: the best year for remortgaging since 2009

Remortgaging has certainly seen a surge in activity of late, helped in no small part by the dramatic drop in mortgage rates over the last year, so much so that 2016 as a whole proved to be the best year for the sector since 2009.

Homeowners underestimate remortgaging savings

Remortgaging has been enjoying a surge in popularity in recent months, and considering how much you could save, it’s a no-brainer! Unfortunately, many fail to realise the extent of potential savings, which could mean too few make the switch.

Mortgage rates at fresh lows – but it may not last

Average fixed mortgage rates continued to fall this month, however much of this could be a technical adjustment rather than an indication of ongoing rate cuts – which means it may be worth switching to a new fixed rate deal sooner rather than later.