Peter Rollings commenting on the house price figures released by Nationwide
“It’s all too easy to quail at these numbers. Yes, house prices have fallen rapidly and substantially, but buyers should see that as an opportunity. If you have at least a 10% deposit it is a great time to take advantage of historically low interest rates. It’s also a brilliant time to trade up the ladder – you might have lost 16% on your £200,000 house, but the market has fallen across the board so you’ll be getting the same discount on the £350,000 house you’re moving into. You’re benefiting in money terms.
“But we can’t ignore the reason there’s so much pressure on prices – there are still very limited mortgage funds available. We must see the Bank of England cut rates again on Thursday – but vastly more important, we must see banks start to lend more money to ordinary borrowers.“
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