Moneysupermarket.com mortgage expert Louise Cuming takes a look at what you may expect in 2008 and offers homebuyers three things to remember before buying a house...
Video Transcript
Hello, I'm Louise Cuming, head of mortgage services at moneysupermarket.com and first of all I would like to welcome you all to 2008.
I do think 2008 is going to be the year when house prices are even more talked about then normal, and of course the big question is 'will they go up or not?'
On balance, I think the average house prices will probably finish the year about the same as they start the year; however there will be regional differences and of course individual houses will always vary from area to area.
The big question is what does that mean to you? At times when house prices are not automatically rising month on month, there [are] three things to remember. One is, if you're a first time buyer - negotiate! It really is a good time to go in with a firm offer that you can afford, because you are in a great position to buy.
Secondly if you are moving house, remember that it is a two way negotiation, so if you are selling your house and are negotiating a reduction in your price you need to do exactly the same on the house that you are buying, and that way it shouldn't really affect you.
And thirdly it really is important at this time not to let your heart rule your head - remember to get a good survey done because if there are problems with the house they will be very costly, and again you need to be aware of those especially at a time when prices might not be rising so rapidly. If you buy a house that you need to spend an awful lot of money on for care and attention, you're unlikely to get that money back quickly.
So, the basic message is that prices certainly won't plummet, but because they are not rising rapidly it really is important that you know all about the house that you are buying and you don't get tempted to offer more than the house is worth.
OK, thanks for watching.
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