What the papers said about property prices and loyal customers

The Guardian took a look at the property market this weekend, after data from Halifax revealed a 3.1% drop in UK house prices in April. The Land Registry has also confirmed a significant price fall in some parts of London over the last 6 months. Buyers may therefore be deciding whether to hold off on a purchase, but experts suggested that doing so could mean missing out on a property they want. There is also a chance that any savings made on the purchase price could be lost if interest rates, and therefore monthly payments, increase. The Sunday Express, meanwhile, reported on the plight of the ‘loyal customer’. Many borrowers are paying over the odds by sitting on their lender’s Standard Variable Rate, or being offered interest rates that are higher than those accessible to new customers. The good news is that some lenders are taking more action to try and keep hold of borrowers, by offering competitively priced deals. Homeowners should make sure they are aware of the end date on their current deal to give themselves enough time to check what their existing lender will offer, and compare this to the deals available on the market.