MyMortgageDirect has advised first time buyers that the outlook for the property market remains mixed.
A lot of contractor mortgage seekers will no doubt be wondering when house prices are going to rise. The mortgage website explained this will depend on which area of the country you live in. Some parts of the UK will experience rising prices, whilst in others house prices will stay as they are, or in some places they may even fall further.
Nationwide recently revealed a 0.4% increase in house prices last month, adding that the average home is now 0.8% more expensive than it was this time last year. Furthermore its research indicated a slight drop in prices in ‘Urban Prosperity’ areas. However, areas populated by ‘Wealthy Achievers’ have seen a 3% increase in house prices since 2008.
MyMortgageDirect director, Catherine Hearnden, said the outlook remains mixed and price trends will be largely dependant on the area you live and the type of property.
She went on to say that people often gauge the market by what is happening in London and that can be a useful guide. However, property is high affordable at the moment and mortgage lending institutions are offering good mortgage rates so first time buyers shouldn’t be put off taking that first step onto the housing ladder.
Meanwhile, buy to let landlords may want to ensure their tax affairs are in order after HMRC announced it had set up a new taskforce to investigate the sector.
Landlords in North Wales and the North West of England will come under the spotlight first, and its highly probable that the taskforce will eventually spread out to cover the whole of the UK.
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