Fewer new buyers and less property sold says National Homebuyers

First-time buyers (FTBs) are choosing not to enter the property market, potentially leading to a surge in people seeking a fast property sale.

[UKPRwire, Fri Apr 25 2008] Figures from the National Association of Estate Agents (NAEA) show that FTBs' market share fell from 11.7 per cent in February to just 8.3 per cent in March.

In addition, the number of properties sold also slipped from eight sales per agent in February to just seven per agent last month.

It is bad news for homeowners and may lead to a surge in people seeking a fast property sale as reduced demand means prices are likely to fall further.

"The global credit crunch, squeeze on mortgage approvals and the media cloud that currently surrounds the property market are undoubtedly having effect on individual's decisions to buy or sell," said Stewart Lilly, president of the NAEA.

"There are indications that first time buyers have dropped their market share once again showing a 'wait and see' attitude has been adopted," he added.

Fast property sale expert Julian King adds, "Lack of buyers means that the homeowner who needs a sale with find the price of their property drops from the already lowered amount they were expecting.

"Homeowners looking to sell their property even within a reasonnable timescale will have difficulties unless they drop their price.

"People facing financial difficulties will find themselves staring repossession in the face very quickly as the lenders turn up the heat in order to protect themselves".

Mr King is a director of National Homebuyers the UK's leading fast house buying firm that guarantees to make an offer to purchase any property in the UK quickly regardless of its condition or location. The company also specialises in providing Sell and Rent Back solutions for homeowners who want to release equity in their property but remain living in their home.

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