Property prices 'have been very resilient'
31st May 2012
House prices in the UK have been "staggeringly resilient", according to one expert who said that any major fluctuations in the coming months are unlikely.
Paul Holmes, chief executive officer at the mortgage advice organisation Firstrung, said there is still a lot of "puff and air" being blown into the market and hype from certain analysts about what will happen to home values, but they are unlikely to change to a great extent.
"To be honest, I am staggered that the market for houses has been as resilient as it has. I wonder whether it is something in the UK psyche where people can't quite let go of the notion that there is still money to be made by moving around every couple of years," he added.
His comments came after the publication of new data by the Land Registry, which revealed that average house prices in England and Wales fell marginally by 0.3 per cent in April to stand at £160,417.
Mr Holmes added that people need to realise that it is acceptable to stay in the same house for longer than a couple of years and that paying off a mortgage is something that should be taken into serious consideration rather than simply put on the back burner.
Posted Staff Writer: Frances McDonald
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