Summary

Speculation is rife that interest rates will soon be going up - read on for more details on when and why.

Loans. Mortgages. Credit cards. Financial experts predict 0.5% interest rise by end of year . Page 2

Author: Anna Richardson

So now to the housing market, where we see that prices

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are still looking steady, in fact they are still increasing. Existing homeowners will be pleased that the market is still buoyant, for the people that still can't afford to get their first house, it's more bad news - they are probably wondering if the housing boom will ever end.

According to all the statistics, the boom is still underway. Halifax reported an average rise of 1.6% according to its sales. Nationwide had even bigger news to report, an average rise of 2.3%. It looks like the boom is actually happening at the higher end of market, which is why average figures are so high. Rightmove ( unsecured loans ) is the big property website that estate agents all use, and their figures also show that house prices are still on the up - in January they rose by 2.7%; in February they rose by 0.9%; and in March they rose by 1.1%. The average house price now stands at a record high of £205,674.

Clearly, even a small rise in interest rates will stop more cautious investors from purchasing a house, hoping that higher interest rates will signify lower house prices. Many would be homebuyers will be waiting for a price crash, so the housing market will no doubt suffer as a result.

It is unlikely that the housing market will crash as far as we are concerned. 18 months ago interest rates went up but the effect on the housing market was not catastrophic ( car insurance quotes ) by any stretch of the imagination. ( pet insurance ) Some areas may suffer more than others from a sluggish market, especially areas where there are already a lot of properties on the market. It will probably mean people will start dropping their prices a bit, so first time buyers can get a foot in the door at last.

Currently, house sales go through at 95% of the original asking price. We predict that the ( travel insurance ) figure will fall off to 90% as the market improves for buyers, and as a result, people will start to have lower expectations on asking prices. There will be no crash in the housing market, but things should get a little better for homebuyers.

Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it.
Loans may be secured on your home or other property. Think carefully before securing other debts against your home.
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