HOUSE prices across the district are falling as the credit crunch takes its toll.
In the last two months estate agents in Alnwick have seen a downturn in property prices, reflecting the dire economic state of the country.
Prices published on upmystreet.com for the average house in Alnwick have fallen by over £25,000 compared to l
ast year, with average prices between April and June this year at £195,415 compared to £222,590 in 2007.
Nationally the price of a house fell by 1.7 per cent in September, with a 12.4 per cent drop from last year.
Jane Young, associate director and chartered surveyor at Rook Matthew Sayer in Alnwick, said: "We are seeing the prices coming down a bit now. We cover such a wide area that it varies a lot from village to village.
"But in general terms prices have come back from last year. In the last 12 months prices have come back 12 per cent or more."
She added that higher priced properties worth millions are less affected but those £500,000 or under are coming down in price.
"It has really been a result of the economic problems we are seeing now. I would hope that they are going to stabilise shortly," she said.
However she told the Gazette that there is still currently a shortage of housing in the district.
And she offered some advice to first time buyers, and mortgage holders: "If you want to buy a house you have to start saving for a deposit as you cannot get a 100 per cent mortgage."
She said people who are coming to the end of a fixed term mortgage should contact their mortgage advisers sooner rather than later. If the mortgage turns into a standard variable, that is when rates will increase and problems can arise.
The full article contains 314 words and appears in n/a newspaper.
