Easter generally sees the start of house buying season, and as such this weekend’s press examined the current state of the UK housing market.
The Independent on Sunday reported that the average property price has fallen below £150,000 for the first time in 5 years, yet mortgage finance remains the biggest barrier, particularly to First Time Buyers with small deposits. The Sunday Express continues this by discussing the call from campaigners for an indefinite suspension of stamp duty tax as a way to aid market recovery.
The Guardian looked at the problems down-valuations can cause for potential buyers of new build properties, in some cases causing a shortfall in finance which can ultimately halt the whole process. The Financial Times, on the other hand, reveals that some professional Buy to Let investors have been forced to inject cash sums to lower their mortgages following a reduction in property value.
Elsewhere homeowners are still being urged to sign up to a new mortgage deal now to avoid missing out on cheap rates. The Times looks at the issues facing borrowers in different financial situations, with the general advice from experts being to remortgage now, or to take advantage of low rates by overpaying on the mortgage.