Recovery signs positive for those relying on debt management
Recovery signs positive for those relying on debt management
Friday 22nd January 2010
Timothy Lambert, head of consulting at Ducalian, said that while many people are currently finding mortgages unaffordable, this would change as the market starts to recover.
He said the same situation happened in the early 1990s, and though people are negative towards the housing market now, "memory is short and people will be positive again soon with the recession a distant memory," he claimed.
"At present with pay freezes or cuts - outside of the public sector – yes, many people are finding property unaffordable.
"That is one of the reasons investors are moving back into the market. However, the economy will recover and as such people will buy again," he added.
Mr Lambert advised people to turn towards renting, allowing them to save up a deposit in order to buy at the end of the recession.
His comments follow the release of new figures from Halifax, revealing that the average UK house price has increased by 273 per cent since 1959 at an average annual rate of 2.7 per cent.
This is faster than the two per cent per annum average rise in real earnings over the same period.
The report states that house prices recorded their largest increase in the latest decade with a rise of 62 per cent during the 2000s. The worse performing decade was reported to be during the 1990s when prices fell by 22 per cent in real terms.
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