Here at our mortgage offices in Frimley, we tend not to get too excited at the latest Sky news headlines.
“The Value Of Your Home Is Decreasing” or “Money Experts Believe This is The Start Of a Slippery Slope” etc
Every month there are many experts and organisations, who get wheeled before the media for their “Expert” opinion.
If they asked me, I’d say the same thing every time, buying property is for the long term, so in the words of Big Tony from the Sopranos, “Don’t worry ’bout it”…Now back on TV by the way starting from episode 1.
Of course every month, the Nationwide Building Society, bring out their figures too and they have a history of being a little more sensible, without sensationalism.
However they did report that two months ago, house prices were the same in Dec 2009 as in Dec 2010.
But now, they are down 1.1% lower than in January 2010
*Seasonally adjusted..
Commenting on the figures Martin Gahbauer, Nationwide’s Chief Economist, said:
“The property market entered 2011 with a whimper rather than a bang, with house prices edging down slightly in January. Prices fell by 0.1% month-on-month, leaving prices 1.1% lower than January 2010.
“January’s data does little to alter the picture of a sluggish market that has been evident since the summer. Indeed, the three month on three month measure of house prices, which is a better measure of the underlying trend, showed a fall of 0.5%, consistent with the gradual moderation in prices that has been in place since the summer of 2010.
“The outlook is still highly uncertain, but the most likely outcome is that the pattern of low transaction levels and prices moving sideways or modestly lower will continue through 2011.
“Demand for homes looks to have stabilised, albeit well below the levels prevailing before the crisis. Interest rates remain at historic lows, and labour market conditions have stabilised – both factors that will provide support to the market. However, the continued uncertain outlook for the economy will probably continue to keep many buyers on the sidelines.
“At the same time, there are few signs of a glut of unsold homes building up on the market that would lead to a sharper price correction. Indeed, there are tentative signs that the volume of homes coming onto the market may be slowing.”
If you need any advice on whether you should sell, buy emigrate….anything to do with property and mortgages, don’t hesitate to call.
Michael Usher
01276 670777
email:Michael@mumsltd.co.uk
