House prices shoot off again

21/03/2007

Experts have revealed that house prices are rising at a steady rate.

All three parties agreed, the lenders, economists and housing industry firm without a big economic decline stated that property value would keep rising more each year.

This is because it has done since the last years and every year house prices keep on rising .

Paragon Mortgages chief executive, Nigel Terrington stated clearly that, "A serious correction in the housing market traditionally occurs as a result of a sharp economic downturn, which looks extremely unlikely. It would take a reversal in recent increases of income multiples or a considerable tightening in lending criteria by banks, for there to be a serious downturn in prices,"

House prices have increased a lot over the last decade, the experts summed up that having a property on a affordable rate would be down to offering mortgages with greater income multiples.

Mr Miles, of Morgan Stanley spoke further: "Fixed-rate deals are often more suitable for those benefiting from higher income multiples, as they are able to eliminate possibly the biggest risk to their debt – rising rates."

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