House prices fall in February says National Homebuyers
The latest house price figures may lead to a surge in people seeking a fast property sale.
[UKPRwire, Wed Mar 19 2008] Halifax has published its house price index, showing that the typical UK property lost 0.3 per cent of its value between January and February.
Annual inflation was a meagre 4.2 per cent in the month and Halifax has revealed that rising costs such as stamp duty may be partly to blame.
The bank has published figures, showing that stamp duty revenue has more than doubled in the last five years.
It also revealed that 1.8 million homes were above the threshold in 2002 but that figure has since increased by 207 per cent.
It means that many first-time buyers cannot afford to make it onto the property ladder as this could lead to prices falling and many people seeking a fast property sale.
Martin Ellis, chief economist at Halifax, gave a gloomy forecast for the housing market in 2008.
"House prices fell by 0.3 per cent in February," he said. "Nationally, we predict that house prices will be flat in 2008."
Fast property sale expert Julian King of National Homebuyers comments, "Prices continue to fall and this spells disaster for many in the UK who are hoping to maximise profit in their property.
"The delays and uncertainties of selling a property on the open market continues to leave homesellers stranded as fewer potential buyers show interest or when their chain collapses.
"A quick house sale to a guaranteed buyer is the only solution for many to sell their property quickly".
Mr King is a director of National Homebuyers, the UK's leading quick house sale company which guarantees to make an offer on any property in the UK, regardless of its condition or location. The company is also the UK's leaders in Sell and Rent Back equity release solutions for homeowners who need to release cash in their home without moving.