BoE & Government action brings hope for property

A provisio of the Government rescue package is that the major banks must improve mortgage affordability and availability. It is hoped that mortgage rates will fall and that it will now become easier to secure a home loan.

Stephen Ludlow comments: “The Government’s move to shore up the banking system should filter through some confidence to the property market. However, for the market to start moving, home sellers still need to be realistic about the price at which they sell their property. Prices have fallen and hanging on for that 'perfect' buyer is not a recommended strategy."