House prices set to crash, According to National Homebuyers

Many people may seek a fast property sale after a market expert predicted that house prices could fall by ten per cent in 2008.

[UKPRwire, Fri Dec 28 2007] Trevor Kent, former president of the National Association of Estate Agents (NAEA), told BBC Radio Four's 'Today' programme that the market does not look healthy.

He also predicted a large number of people fighting to stop repossession and even more looking to make a fast property sale.

"Sales generally are looking very sick indeed; obviously everyone expects that to be the case just before Christmas, but this is unprecedented," said Mr Kent.

"I would expect at least 60,000 [repossessions] in the coming year. Buyers have got no confidence, sellers have got no confidence. If they were thinking of selling to make a profit and they no longer can, they're not going to go on the market," he added.

Mr Kent also compared the current situation to that seen in the early 1990s and said: "I wonder whether this is going to happen rather [more] suddenly and we're going to have a massive hit, because money is far less available now than it was then."

Fast cash for homes property expert Julian King comments, "At National Homebuyers we have been telling the story of price reductions for a number of months.

"The lack of buyers is making the sale process painfully slow through estate agents, plus the introduction of Hips to all properties is also causing additional costs to the vendor.

"Homeowners looking for a quick property sale to maximise the value of their property should consider options like a fast house sale".

Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm, guaranteeing to make an offer on any property in the UK, regardless of its condition or location for vendors who need a quick sale. The company also offers a Sell and Rent Back mortgage rescue scheme for homeowners who want to release equity in their homes.

As a commercial buyer, National Homebuyers do not require the vendor to have a Hips pack in place in order to sell property quick.

Bookmark this release: Del.icio.us - Digg - Furl - Blinklist - Reddit