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Mortgages rates down and house prices up!

In a rather bizarre turnaround the announcement that the vast majority of UK mortgage providers will pass on the 0.5% reduction in base rates was followed by news that house prices rose by 1.9% during January. While there is some suspicion of the 1.9% rise in house prices there is no doubt that mortgage rates are falling although whether the better rates are available to the masses remains to be seen.

It has been revealed that Lloyds TSB, Nationwide, Halifax and Barclays will all be passing on the 0.5% reduction in full to their standard variable rate mortgage customers in what should be a significant boost to the mortgage market. Whether we are starting to see a bottoming out of the UK housing market remains to be seen but mortgage rates have never been cheaper, although the threat to future employment for many in the UK still weighs heavy on their minds.

The average cost of a UK home has fallen by nearly £36,000 to £163,966 since the top of the market in 2007 but some believe there may be light at the end of the tunnel. The more conservative investors in the UK market will wait to see how the house price figures for February and March look before deciding the trend has turned.

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