Maidenhead, Berkshire ( release-news ) September 8, 2012 - This year has seen the largest drop in house prices in nearly four years, as there are twice as many sellers as there are buyers. This has lead to a fall in the amount of approved residential mortgage applications.
Rightmove has reported a drop of £4,138 on the average asking price; the largest fall since July 2008. The West Midlands was the only region to see a rise in asking prices of 2%, with Greater London seeing the largest decline, falling by 3.6% while the number of sellers rose by 6%.
Richard Alton is a whole or market broker at Alton Mortgages in Maidenhead. He says:
"House prices are still up on the year by 2.3% but dropped in July. For some people this will represent a great opportunity to buy. It is never easy to predict a good time to buy and you can only do this once you have historic data but as property investors ourselves, we believe you make your profit on a property when you buy NOT when you sell.
"As an active landlord there is a golden opportunity to buy property at a lower price and thus you are getting a better yield as you are paying less and thus need a lower mortgage so your cash flow is improved.
"As for most people they only own one property so if you get 5% less for your property then you will pay 5% less for the next property. If you are moving up the housing ladder this will also reduce your costs, as you will pay less stamp duty, less in estate agent fees amongst other things.
"The Olympics has been a major distraction but I think the majority of Counties in the UK are very proud of our achievements, and this may also have a knock on affect to the August data. We will have to wait and see."
Notes to Editors
Alton Mortgages is an established whole of market mortgage broker based in Maidenhead, Berkshire. Established in 2005, customer service is at the heart of what we do, and we recognize that our clients are individuals with very unique requirements. Click here to find why you should use a broker. We work with individuals and families to provide them with an exceptional residential mortgage service