The newspapers have all been taking a close interest in the property market recently, after data from Halifax revealed a 3.1% drop in UK house prices in April. The Land Registry has also confirmed a significant price fall in some parts of London over the last 6 months. However, this seemed like one of those odd statistical ‘bumps’ in the road to us here at Trigg & Co especially as Rightmove have just reported that new to market sellers have pushed their asking prices up by another 0.8% to a record national high of £308,075.
Our own office is super busy, with record numbers of sales and new instructions.
Buyers may therefore be wondering just what to believe and deciding whether to hold off on a purchase. However, experts suggest that doing so could mean missing out on a property you want. There is also a chance that any savings made on the purchase price could be lost if interest rates, and therefore monthly payments, increase.
The Sunday Express, meanwhile, reported on the plight of the ‘loyal customer’. Many borrowers are paying over the odds by sitting on their lender’s Standard Variable Rate, or being offered interest rates that are higher than those accessible to new customers.
The good news is that some lenders are taking more action to try and keep hold of borrowers, by offering competitively priced deals. Homeowners should make sure they are aware of the end date on their current deal to give themselves enough time to check what their existing lender will offer, and compare this to the deals available on the market.
Alternatively, you may have a fixed rate product ending soon and want to secure the most competitive rate possible. With continuing predictions of at least one rate rise before the end of the year, you may find now is a good time to secure a competitive deal.
Here at Trigg & Co we can give you an unbeatable all round service if you are thinking of buying, selling, renting or re-mortgaging. Our expert valuations and market advice are FREE and without obligation – and our FEE FREE independent mortgage brokers will give you the very best deal from over 80 lenders.
CHOOSE TRIGG & CO! 01983 525710