Bad year ahead for housing says National Homebuyers
Many homeowners may fall into financial difficulties because the housing market outlook does not look good.
[UKPRwire, Wed Mar 12 2008] That is according to Capital Economics, which said that there is little reason to be optimistic about the market.
The firm pointed out that it expects inflationary pressures to keep mortgage rates high, while demand for housing will remain cool.
As a result, house prices will suffer and many people will seek a fast property sale in order to get as much money as possible for their properties.
"There is little reason to be optimistic about the prospects for the housing market this year," read a statement from Capital Economics.
"New buyer demand is fundamentally weak and, with lending criteria continuing to be tightened, even those potential buyers that are active in the market will find it increasingly difficult to access mortgage finance.
"Against the backdrop of a markedly weaker economy, our forecast that house prices will fall by five per cent year-on-year in 2008 appears to be on track," it continued
Fast property sale expert Julian King adds, "Homeowners looking for a fast property sale should consider selling their property away from the open market [estate agency] route.
"The delays, costs and uncertainties of selling a property on the open market are dauting at the best of times. In order to achieve a fast guaranteed sale, we recommend that the seller finds alternative secure means of selling property fast.
Mr King is a director of National Homebuyers, the UK's leading quick property sale firm. Mr King advises people considering a fast property sale to use only reputable national companies. He is also a founder of APBA, a organisation lobbying for regulation in the quick sale and Sell and Rent Back industries.