Sales go up. Thanks to the low property prices!
England and Wales witnessed a fall in the property prices costing £157,000. The drop was 0.8% on January which was as low as ten percent in the last year.
17% potential buyers registered themselves with the estate agents and there was a rise in the sales by 35.9 percent.
With the downfall of prices and interest rates, the buyers are attracted for a bargain but, securing the mortgages for the desired property proves to be little difficult for the buyers.
Mortgage lending saw a fall of over 60 percent in the month of January. Figures indicate that it was only a tenth as compared to last year.
In January, mortgage advances saw a downfall of £13.64 billion, a fall in the record since July 2001.
As per the Bank of England, net mortgage lending has gone down from £1.79 billion in December to £690 million. Since April 1993, this amount was the lowest monthly total.
The number of people who would go for remortgaging went down to a significant drop of 34,000. This phase even continued throughout the month of January.
The existing low rate of interest is the reason to be blamed for the low figures of remortgages.
People are discovering that putting up with the lenders standard rates is a feasible option. They feel that instead of going for a new mortgage, they should revert to the old idea itself.
Nevertheless, prospective buyers are attracted by the bargain and are seen in the market once again.
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