Why are house prices plummeting in Birmingham?

Why are house prices plummeting in Birmingham?

HOMEOWNERS have been left fuming after builders left their estate unfinished, causing their house prices to plummet. Residents of Thomas Cox Wharf estate, Birmingham are now stranded after the developer went bust before it was able to fix-up the eyesore area.

What will happen to house prices if interest rates go up?

Boulger says that if the base rate goes up to 7 per cent it could see house prices fall as much as 25 per cent as mortgages become unaffordable. But he doesn’t think they will go that far.

What determines the direction of house prices over next 12 months?

Richard Donnell, executive director, told This is Money that the direction house prices take over the next 12 months would depend on how far mortgage interest rates increased.

Do fixed-rate mortgages track the base rate rise?

Fixed-rate mortgages do not automatically track the base rate rise, but lenders will usually increase rates for new applicants to some degree in the days or weeks following.