Price growth falls say National Homebuyers
Annual house price inflation slumped in November, potentially leading to a surge in people seeking a fast property sale.
[UKPRwire, Wed Jan 16 2008] New figures from the Department of Communities and Local Government (DCLG) show that annual house price inflation fell to just 9.5 per cent in the month.
That is down on the 11.3 per cent figure recorded in October and is a sure sign that the UK housing market is suffering.
Even the London market is feeling the effects, with annual inflation in the capital falling from 17.7 per cent in October to 14.1 per cent in November.
With price growth seemingly on a downward spiral, many homeowners may look for a fast property sale in order to get the most that they can for their property.
Howard Archer, economist at Global Insight, said: "There is undeniably a very real danger that the housing market could see a sharp correction in 2008 and 2009. Probably the biggest risk is that the economy slows sharply over the coming months and unemployment starts rising significantly.
"This would be liable to lead to a marked increase in the number of people having to sell for distressed reasons, particularly given the extent to which many households have had to stretch themselves to the limit to buy a house.
"At the same time, a weak economy and rising unemployment would be likely to substantially dilute housing demand through reducing people's ability to buy a house," he added.
Fast property sale expert Julian King adds, "Homeowners concerned over the future value of their property should consider a quick property sale.
"Selling a property on the open market often does not afford the homeowner the benefit of a fast house sale.
"The lack of buyers and slowdown in the market is causing time spent on market to increase unnaturally".
Mr King is a Director of National Homebuyers, the UK's leading fast property sale firm that guarantees to make a cash offer to purchase each property quickly, regardless of its condition or location. The company is a leading provider of Mortgage Rescue Schemes such as Sell and Rent Back when the homeowner can sell their property for cash, but remain in their home as a tenant.