I found a really interesting read today on MoneyWeek.com. There seem to be some cracks showing in the property market. Repossessions are on the increase, people seem to have more mortgage arrears than they have in the past years and demand for buying houses seems to be on a slight decline.
Homeowners are finding it harder to pay back their mortgages, as interest rates creep up and ‘cheap offers’ to entice people to take out a mortgage they can’t really afford will run out after a couple of years, remortgage rates may well be on the increase too.
Could the recent problems with credit and loans be causing this change? Could we be heading for a crash? If not, we may at least have a slowing down of house price increases which have grown at a rapid rate over the past few years, this may mean more first-time buyers will finally be able to afford to get their foot on the property ladder.
Read the full article
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