Former chancellor urges new buyers to delay their plans
Many people may seek a fast property sale after a former chancellor of the exchequer advised potential first-time buyers to wait before investing.
[UKPRwire, Fri Apr 25 2008] Conservative MP Ken Clarke said that he expects house prices in the UK to fall over the next 12 months.
He urged new buyers to rethink their plans and consider coming back to the market in a year's time.
It is bad news for homeowners and the forecast house price falls may lead to many people seeking a fast property sale.
"Nobody really knows but I think house prices are going to fall further," Mr Clarke told BBC Two's 'Daily Politics' show.
"My advice to a first time buyer is not to be encouraged by the politicians.
"Don't buy, rent for a bit; the house will be cheaper in 12 months' time, a mortgage will be easier to get and that might even be cheaper as well," he concluded.
Fast property sale expert Chris Newman adds, "I don't believe the Rt Hon Mr Clarke's prediction of further house price falls will be news to anyone.
"The fact that there are such a limited amount of buyers in the market will continue for some time, causing stress for homeowners who need to achieve a sale of the property to either resolve financial problems or achieve a purchase of their next property.
"The wholesale removal of first time buyers from the market will cause untold difficulties for some time to come".
Mr Newman is a director of National Homebuyers, the UK's leading quick sale property firm. The company also provides Sell and Rent Back solutions for homeowners who want to maximise the value in their property by selling now, but remain living in their home as tenants.
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