Action is now being taken to restore funding to the mortgage market. This will, however, take time to feed through and further action may still be necessary to increase transactions, stabilise prices and restore confidence.
It has been predicted that house prices will hit their bottom by the end of the year before slowly starting to increase once again in 2010.
Housing affordability is expected to be more positive than some analysts have anticipated, with affordability increasing remarkably in some areas. In South Wales however, this will take some time due to the number of job losses that people have suffered within the last year and with the current level of unemployment.
Many clients who review their existing mortgages are fixing their rate to bring closure to recent market turbulence and some stability to their personal finances. They can currently find some great fixed rate deals which can benefit them especially if mortgage rates start to rise again.
For a review of your current situation contact Gareth Watkins at Glynneath Financial Services.
64 High Street
Neath Port Talbot
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