Property Sector To Face Strong Headwinds But Selling Uptick Makes It Stay The Course
While the UK housing market continues to face strong headwinds up ahead the economic horizon, it is also poised to stay the course, buoyed by selling uptick meant to steer the property sector back into course.
[UKPRwire, Sun Oct 24 2010] While the UK housing market continues to face strong headwinds up ahead the economic horizon, it is also poised to stay the course, buoyed by selling uptick meant to steer the property sector back into course.
The gloomy picture is out as fresh predictions of falling house prices that drove owners to sell property fast were made this week following a bitter reading of mortgage lending figures, which slumped to its lowest level in a decade.
The Council of Mortgage Lenders (CML) bared in its latest forecast that “the recovery in the housing market over the second half of last year has run out of steam in early 2010, with prices look broadly stagnating following a rise over the latter part of last year.”
But as the outlook appear unsurprising given the end of the stamp duty holiday, deluge of supply flooding the onto the market, and a decrease in the number of cash buyers who provided a temporary blaze last year, property selling is still emerging.
Manchester based National Property Buyers has reported seeing an uptick in the interest it is receiving from property sellers, which also coincides with the dip in the property values.
It has also noted that potential clients seeking fast house sale has gone up, visiting Nationwide Property Buyers’ internet sites to see how they could sell house quickly.
As prices took a dive after a sturdy performance last year, property analysts predict the housing market recovery could be in for another stormy ride with a slew of issues rising into the picture.
Nationwide Property Buyers noted the condition has driven owners to grab the opportunity of selling property amidst spiraling price trend.
“Some of our potential clients are looking at the market and thinking that the uncertainty of the future means that I’d better get out now while I can, and cash out on the house while the prices are still decent,” notes Kez of Nationwide Property Buyers.
“Sell my house fast is the sentiment shared by many prospective clients,” Kez adds.