Property News

Wednesday, June 27, 2007

Melton sees falling house prices

UK mortgage lender Halifax reported house prices in Melton Mowbray fell 2% on the year in the first three months of 2007, while prices in some London districts rose as much as a third.

In most places in Britain, property prices are heading upwards and that's despite four interest rate rises over the last year, large household debts and record personal insolvencies. In property hotspots such as London and Northern Ireland, the cost of a home is rocketing. But there are signs that the market may be about to turn.

Some believe that Melton is an example of what might happen across Britain's housing market.
"People can't afford mortgages, my mortgage is extortionate," said Diane McLeod, the 49-year-old manager of Melton's 14th century Anne of Cleves pub.

Interest rates hit a six-year high of 5.5% last month and are expected to climb to 6% by the end of year.


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