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Do you want the good news or the bad news?
“House prices continue to plunge by biggest ever percentage” scream the tabloids. Reading this it appears that half of you contemplate ending it all whilst the other half jump on the bar and dance. That’s the picture painted by a survey recently carried out by finance website The Motley Fool.
They report that 52% want house prices to continue falling in 2009 while 48% would like them to stop. Have a guess at the age split here.
But, whatever your age, it could be in your interests to have prices continue falling if you’re planning to upsize. You might lose 10% on the house you sell (say £20K on your £200K home) but the 10% you save on the next house will be worth more (i.e. £30K on a £300K property).
Not so good if you’re planning to downsize of course.
In general though most people are staying put and when you consider all the other financial pressures at the moment that’s not surprising. Meeting regular payment on utilities, mortgage, personal loans and credit cards is enough to worry about.
January 6, 2009 at 11:33 am | Loans General Info | No comment
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