Some people in the industry are claiming that rumours of the housing sector coming out of an economic slump are just that -rumours. Recent news has reported that the house prices are set to rise for yet another month, and the banks are ok-ing more mortgages. Yet another report has come out recently, making claims that things arent as rosey looking as thought. The numbers are claiming that the house prices are going to continue to go down alot more.
Apparently the new mortgage plan from Lloyds, which is being aimed at first time buyers isnt going to trigger the recovery in the sector that the bank want it to. This new mortgage will allow the savings of a family member to count towards the deposit of the loan. The only catch is that if the loan hasnt fallen from 95% of the homes value to 90 in the first three yers Lloyds will hold onto the relatives money until that number is reached.
'Experts' are claiming it is much to soon to start talking about the sectors recovery and we could see yet more falling from house prices in the coming year. So the question really has to be asked- who do we believe here? Were being told one minute that the property market has started to recover and then shown a different set of results by someone else to discredit their claims. I think the best thing to do is take all this 'expert' advice with a pinch of salt. Do listen to what is being said, but keep an open mind about it, no-one seems to be agreeing on anything in the market at the moment. Remember, were still in a recession, a time where no ones job is exactly safe, so we are all watching where our money goes. Its seems the sensible thing to do is see where the sector goes from here.
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