The Iron Floor under UK property prices - and when you should invest again

The Iron Floor under UK property prices - and when you should invest again
7th May 2008

By Neil Lewis, CEO, Property Secrets

The price of property is what someone is willing to pay for it. Or so the saying goes.

But what determines the price that someone will pay?

Well, until recently this was limited not by a capacity to pay - but by a willingness to chase up prices. So, it was demand driven - rather than controlled by a capacity to afford. Since last August the environment has changed utterly.

The steady withdrawal of mortgages offers and the increase in the headline rates has been accompanied by a reduction in the Loan to Value from 125% to less than 90% for home buyers and now down to 75% for new-build investments.

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