Prices stagnate in January says National Homebuyers
House prices failed to rise in January, potentially leading to a surge in people seeking a fast property sale.
[UKPRwire, Tue Feb 12 2008] The latest Halifax House Price Index has revealed that growth stagnated at zero per cent in the month, spelling bad news for homeowners.
Further to this, prices fell by one per cent in the three months to January, setting alarm bells ringing for homeowners and potentially leading to many people looking to make a fast property sale.
Commenting on the index, Howard Archer from Global Insight said: "The credit crunch and sub-prime mortgage concerns mean that lenders have become much more careful about whom they lend to, and on what terms.
"Furthermore, the credit squeeze has made it difficult for some mortgage lenders to get hold of funds to finance new mortgage business.
"Significantly, the Royal Institution of Chartered Surveyors reported that first-time buyers are finding it particularly difficult to get into the housing market as mortgage lenders reduce the amount that they are prepared to lend to them and demand increased deposits," he added.
Nationwide recently revealed that house prices fell by one per cent in January.
Fast property sale expert Julian King adds, "First time buyers traditionally account for around 45 - 50 per cent of all property transactions, this is now significantly lower as their ability and interest in getting 'on the ladder' is curbed until the market levels.
"Homeowners looking for a quick sale are therefore met with only a few available buyers at a time when their house price is coming down daily".
Mr King is a director of National Homebuyers, the UK's leading quick home sale firm, guaranteeing a fast property sale for vendors who need a quick sale. The company is also the UK's leading provider of mortgage rescue schemes like Sell and Rent Back.