House Prices Rise and Best Mortgage Deals Available

The average price of a three bedroomed semi is now £167,600 according to the Halifax.
Prices have increased by £14,000 since April due to a property shortage and an increase in demand. Property prices are just 1.6% lower than a year ago, which is a big improvement on the 17.7% annual fall up to the end of April this year.

Some of the best mortgage deals of the last quarter can now be found but customers are advised to act quickly before the deals disappear. Newcastle brought out its new deals last Friday and with a 20% deposit and £994 fee you can get a two-year fixed rate deal for 3.65%. The total cost would be £19,306 on a £150,000 loan with repayments of £763 per month.

Their 5 year fixed rate costs 4.89% with a fee of £588 and a 20% deposit.
Repayments would be £867 per month and total costs £54,608.
Northern Rocks best mortgages were withdrawn last week.

Anyone who purchased during the downturn will definitely reap the benefits now that prices are slowly climbing again although the property market as always depends upon the state of the economy and on whether there is an increase in the supply of property for sale.

Overall experts believe that property prices could remain flat during 2010.

NOTE: Do not make any financial decisions based on the information on this page. Always take professional mortgage advice first

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