Welsh prices to fall according to National Homebuyers
There may be a surge in people seeking a fast property sale in Wales after house prices in the country fell.
[UKPRwire, Wed Apr 23 2008] That is according to Jenny Willott, Welsh Liberal Democrat MP for Cardiff Central.
She said that prices in Wales have fell by 2.4 per cent in February, well above the UK average of 1.6 per cent.
In addition, a leading estate agency has closed two of its Welsh offices as the global credit crunch rolls on.
The fears of further house price falls could lead to a rise in the number of people seeking a fast property sale.
"We are seeing a major and long-overdue correction in the housing market in Wales, and across the UK," said Ms Willott.
"The worry is that combined with high numbers of bankruptcies, record personal debt levels and high inflation, this correction may become a housing crash.
"The government must take measures to ensure that we do not end up with mass household repossessions, which will only make a housing crash worse," she continued.
Julian King of the UK's leading fast property purchasing firm, National Homebuyers, says, "Property prices in Wales have been falling for some areas for over a year so this is not new news.
"It's certainly nothing new for the people of rural Wales who are simply unable to find buyers for their properties. The tighter lending criteria, the general tightening of belts across the country and the lack of confidence in the market continues to affect homeowners across the UK".
Mr King is a director of National Homebuyers, the UK's leading property buying firm. The company arranges for a guaranteed property sale for homeowners who need a quick sale. The company is also the leader in the Sell and Rent Back market