National Homebuyers: 'Devastating month for UK housing'
Many people will be seeking a fast property sale as house prices slump and housing stock soars.
[UKPRwire, Wed Mar 19 2008] The Royal Institution of Chartered Surveyors (Rics) has revealed that the balance of chartered surveyors reporting a fall rather than a rise in house prices rose to almost historical levels in February.
Further to this, housing stock increased to a level not seen for around ten years as the UK housing market ground to a halt.
The figures are likely to lead to many people seeking a guaranteed fast property sale before even more properties come onto the market and prices fall even further.
A total of 64.1 per cent of surveyors reported a fall rather than a rise in prices, down on the 54.7 per cent figure in January and signalling the seventh consecutive month of decline.
Rics pointed out that this is close to the historical low of 64.5 per cent which was witnessed in June 1990.
Further to this, demand was down by two percentage points month-on-month, while un-sold stock increased by 8.5 per cent.
"Confidence in the market is clearly having an effect on prices," commented Rics spokesman Ian Perry.
Fast property sale expert Julian King says, "As it gets increasingly difficult for homeowners to sell their property at full value, we will continue to see buyers commanding prices on the housing market.
"Buyers are calling the shots and homeowners who cannot afford to see the value of their property fall are encouraged to find a quick sale of their property, to limit losses.
"Homeowners in financial difficulty should consider a mortgage rescue scheme like Sell and Rent Back".
Mr King is a director of National Homebuyers, the UK's leading quick property sale firm, guaranteeing to make an offer to purchase any property in the UK, regardless of its condition or location. The company is also the UK leader in Sell and Rent Back solutions. Sell and Rent Back is an equity release style solution where the homeowner can sell their property for cash, but remain in their home as a tenant.