Property prices ‘may go up and down’

Property prices may go both up and down over the next few months, a mortgages expert has said.

Director of MyMortgageDirect Catherine Hearnden noted that house prices have been increasing recently, but attributed this situation to a lack of supply.

She added that the near future may lack any clear trend, stating: “Although house prices might [go up] they would be very, very small increases as it could fluctuate.”

Beyond this time, the improving world economy should push prices higher unless there is another unforeseen shock, Ms Hearnden predicted.

Concerning mortgages, she argued that those with good credit have always been able to get them and suggested that lenders are starting to show a “slight relaxation” on loan-value levels.

The comments come as new figures indicate the rise in prices is slowing down.

Nationwide revealed that the increase in the three months to November was 2.8 per cent, 0.7 per cent less than in October.

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