New buyers told to weather the negative equity storm

First-time buyers have been advised not to panic if they find themselves in negative equity. New buyers should remain calm and try to weather the storm. It comes as house prices across the UK fall and people who bought their houses within the last two years face the prospect of owning a property which is no longer worth what they bought it for.

If it is your home, it is an individual purchase, it is about you and the decisions you make. Do you stay living in your house because it has lost £20,000 in value? Of course you do because it is your home and you know eventually you will pay that mortgage off. Perhaps a £20,000 dip in year three and four of your mortgage is more than outweighed by the fact that in year ten to fifteen of your mortgage you will be in positive territory and you can see a finishing line for paying off your original debt.

If you find yourself in a bit of negative equity, weather the storm if you can.

Halifax reported that house prices fell by 1.3 per cent in April.

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