Daily Express: Mortgage interest rates hell could spell ‘gloomy picture’ of house market ‘stagnation’

Michelle has been giving her advice on the current situation with housing situation we are currently in, with the Daily Express.

Michelle, owner of IMS Property Group, article goes like below:

Michelles’ thoughts on the current market and was it stagnating 

‘We are seeing a lot more people now listing their properties for sale and also a lot more first time buyers now looking to buy. In August, which is typically a quieter month due to school holidays, my mortgage mortgage brokerage has gone from 95% remortgages and 5% purchase mortgages to 50% remortgages and 50% purchases, which is a huge increase and the biggest increase in the last 2 years we have seen on purchase mortgages. This is all really positive news for the housing market.

We have been extremely busy with clients buying homes, especially in the last few months. With rent increasing so much, clients are looking at monthly payments on a mortgage versus monthly rental payments and the difference is now minimal so clients are tending to now buy versus rent so that they actually own their own home.

Interest rates, especially fixed rates are slowly coming down which is a positive sign to recovery in the housing market.

Clients are not over stretching themselves, they are being very sensible, first time buyers are now opting for a 1 bed to 2 bed property, a few years ago they may have stretched to a 3 or 4 bed with interest rates being so low. 

What are my predictions on what’s to come? Will house prices fall further

Inflation has come down, energy bills are falling, these are all factors that did cause a stagnant property market so my prediction is that house prices needed to settle as they were becoming unaffordable, but I don’t feel that there will be a housing crash and huge price drops, I think the housing market will settle so my advice is to get onto the ladder as soon as you can possibly afford too 

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