11 months ago
45
The question is not whether house prices will continue to fall but how big the drop will be
This time last year the housing market was flying. Demand for home loans was strong and mortgage lenders were vying to offer the most attractive deals. House prices were up 12.5% year on year, according to the Halifax.
The mood is now different. This week, the Halifax and the Nationwide building society announced that fixed-rate mortgages would become more expensive. HSBC has temporarily withdrawn all its deals for new borrowers.
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