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Home owners optimistic about house prices

Home owners optimistic about house prices

 



Video transcript

It seems that despite the majority of people believing an interest rate rise is on the horizon, most of us are confident that house prices will continue to go up.

That`s the prediction from Halifax, which says recent discussions over the possible timing of an interest rate hike has seen a rise in the number of people who expect both mortgage and savings rates to be higher a year from now.

Usually, higher rates should make buying a house less appealing as it costs more to take out a mortgage.

But at the moment Halifax insists that more expensive mortgages won`t have the expected effect on the housing market.

In fact the lender says two thirds of us believe average property prices will be higher in 12 months` time, while just one in 20 of us think they will fall.

That`s bad news for first time buyers, who continue to face problems getting their feet on the housing ladder.

According to Halifax, raising a deposit is the number one barrier to buying property despite the availability of higher loan to value mortgages and the Help to Buy Scheme.

With rates also rising, it could be a perfect storm for first time buyer affordability.

Halifax mortgage director Craig McKinlay says a lack of second hand properties for sale on the market and the availability of low mortgage rates is currently putting upward pressure on prices.

And he says that `without an increase in supply it`s likely to mean that house price growth continues to be robust in the short term, even if interest rates eventually begin to increase`.

Halifax`s figures, however, suggest the chances of supply meeting demand any time soon are not high. 

The lender says the proportion of homeowners who believe the next 12 months will be a good time to sell has fallen seven percentage points to 52 per cent.

That`s the lowest level of positive selling sentiment in a year, and a sign that sellers are taking a cautious approach as they wait to see if and when rates do rise. 

Homeowner Secured Loans
Rates From 7.1% APRC Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property. First Choice are tied to certain loan providers.

Mortgages & Remortgages
4.5% APRC
Representative Example: Borrow £80,000 over 25 years At 4.6% Variable, £461.95 for 300 months.
Total Payable £138,585. Total Cost Of Credit £58,585 (incl £1360 fee).


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.


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