Double whammy

macaque_2

Houses down 3%, mortgage costs up 4.5%

The total value of a home in Britain has fallen from £231,000 to £224,000, while at the same time the average mortgage on a home increased from £88,000 to £92,000, according to the latest figures from the Office for National Statistics (ONS).
http://www.mortgages.co.uk/news/2011/Dec/homeowners-hit-by-lower-house-prices-and-larger-mortgages.html

wotsthat

http://www.ons.gov.uk/ons/rel/mro/news-release/wealth-and-assets-news-release/wasnr1211.html

Total net household property wealth for all private households in Great Britain dropped by over £131bn (3.7 per cent) between 2006/08 and 2008/10 to £3,375 billion, according to a new chapter from the Wealth in Great Britain report, published today by ONS. The report also shows that the average net property wealth of households fell from £204,000 to £195,000.

Is that all - I thought there'd been a crash.

Really2

macaque wrote: »

Houses down 3%, mortgage costs up 4.5%

How do you get the average mortgage increasing to £92K from £88K = Mortgage costs have gone up?

Would interest rates not relate to mortgage costs from 2006-2010?

I would say mortgage costs have likely to have fallen over that period although mortgage debt had slightly increased.