Mortgage prices 'will increase soon'
House buyers may face a race against time to buy a house at a reasonable price, according to a property expert.
Timothy Lambert, head of consultant at independent property consultants Ducalian, admitted that while this period may be considered a good time to buy, those looking to get on to the property market should be aware of the danger of financially "overstretching".
Mr Lambert sounded a note of caution with interest rates set to rise and he forecasted more repossessions and the possibility of the housing market taking another dip in the near future.
"While a variable mortgage may be cheap now, it will not stay that way forever and buyers must be aware of this before biting off more than they can chew," he added.
Furthermore, data from Zoopla.co.uk revealed that four-fifths of people expect an increase in house prices over the next six months.
News that a rare bright spot in housing market is set to disappear, together with increases in mortgages, house prices and interest rates, may attract more people to look for property to rent in the London borough of Haringey, or elsewhere in the UK, instead.
By Charles Mackay
Published 20th April, 2010
© 2010 Estates IT Limited
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More people may be encouraged to look for property to rent in the London borough of Haringey, or elsewhere in the UK, as mortgages are set become more expensive and fears of a second market dip could deter first-time buyers