Housing market will crash according to National Homebuyers
The UK housing market is set to collapse like a "pack of cards", potentially leading to more people seeking a fast property sale.
[UKPRwire, Mon Mar 03 2008] The Times has reported that a leading analyst has told clients that it is "payback time" for a market which he accuses of over speculating for years.
Homeowners are likely to seek a fast property sale following the comments, which will send shockwaves through the industry.
Until now, most analysts have been restrained in their comments about the failing housing market but Alistair Stewart from Dresdner Kleinwort Wasserstein has blown the lid on where he thinks the market is heading.
"We believe it is payback time for years of speculation and sharp practice," he said.
"Overbuilding, overlending and more than a whiff of fraud have in our view led to 'mini-Floridas' in cities from Leeds to Leicester," he added.
Mr Stewart went on to predict a "full-scale crash" as the market heads towards hitting "a wall".
Quick property sale expert Julian King of property buyers National Homebuyers disagress, "A crash is highly unlikely. The market is simply correcting itself.
"Properties have been overvalued for sometime, but this is levelling out and when buyers are back in the market, it will be business as usual. However, it doesn't solve the issue that many homeowner are in financial difficulty and will still require a quick sale of their property."
Mr King is a diretor of National Homebuyers, the UK's leading quick property sale company. The company is also a leading provider of mortgage rescue schemes like Sell and Rent Back where the homeowner can sell their property, but remain living in their home as a tenant.