House prices fall again says National Homebuyers

House prices fell in November and at a faster pace than they did in the previous month.

[UKPRwire, Fri Nov 30 2007] That is according to the latest house price index from Hometrack, which revealed a 0.2 per cent month-on-month decline.

In October the index showed that prices fell by 0.1 per cent and the decline will come as a major blow if you are looking for someone to buy your property.

Annual house price inflation also fell markedly, from 4.4 per cent in October to a 16-month low of 3.6 per cent this month.

Commenting on the figures, Howard Archer from Global Insight highlighted why the market is in decline.

"Heightened affordability pressures are making it increasingly difficult both for first-time buyers to get into the housing market and for existing house owners to trade up," he said.

"Meanwhile, rising concerns about the overall state of the economy may well make people more unwilling to risk stretching themselves to buy a house.

"Furthermore, growing speculation that the housing market could see a sharp correction over the coming months may also increasingly deter potential house buyers," continued Mr Archer.

Fast cash for homes property expert Julian King says, "The current instability and the likely stagnant market for the foreseeable future will continually cause distress to homeowners who need a quick property sale.

"As the lack of buyers and falling prices prompt people to market their homes, the likelihood of a fast property sale is small.

"Homeowners looking for a quick house sale need to look beyond the traditional, draconian, lengthy 'open market' estate agency route".

Mr King is a director of National Homebuyers, the UK's leading quick property purchase firm. The company guarantees to make an offer to purchase any property in the UK, regardless of its condition or location. The company is also the leading provider of equity release style Sell and Rent Back products.

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