WHAT PRICES MEAN FOR YOU
1. Falling property prices mean a lower choice of homes on the market.
2. Falling prices are good news for first time buyers as it makes getting onto the housing ladder easier. It’s also good news for anyone wanting to upgrade – yes, they’ll get less for their present home but the next one will also be lower – and the gap might be smaller.
3. Falling prices are bad news for anyone down-sizing or getting out of the housing market altogether – going abroad or selling a deceased person’s home, perhaps. Some buyers will hold off expecting the price to go further down.
4. Your home is for nesting, not investing.
5. Figures for towns are averages – the numbers change from district to district and from street to street.
6. Which? Mortgage Advisers can help with mortgage loans.