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UK mortgage holders told to ignore "clap trap"

Date: Mon, 27 Jun 2005

UK mortgage holders are being advised to ignore "total clap trap" rumours that the property market is heading for a collapse.

Property research firm Hometrack reports that its June shows average house prices fell by 0.2 per cent to £161,600 from May to June.

However, home owners are being told not to worry about these figures and instead concentrate on a 3.5 per cent increase in the number of sales agreed in the past month.

"The good news is an upwards trend in sales agreed, and a general expectation of lower interest rates before the end of the year," said John Wriglesworth, Hometrack's housing economist.

"These should help boost confidence, and ensure price stability. We expect house prices to continue to bump along the higher plateau after the coming months. While the market is stagnating it is showing absolutely no evidence of crashing. All talk of a pending housing recession is total clap trap."

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