House prices slump in October

House price growth fell in October, according to the Assetz House Price Watch.

[UKPRwire, Mon Nov 26 2007] It reveals that annual growth reached just 9.7 per cent in the month, 0.2 per cent down on September's figure.

In addition, it is just 0.8 per cent higher than the growth figure recorded in October 2006.

It is bad news if you are searching for someone to buy your property and Assetz says that the introduction of Home information packs (Hips) is at least partly to blame.

The firm anticipates house price growth reaching a modest five per cent in 2008 but this has not been supported by other major industry figures.

Nationwide has revealed that it anticipates growth shrinking to zero per cent next year, while Firstrung is even less optimistic.

Paul Holmes, chief executive officer at the firm, has described Nationwide's prediction as "silly" and "absurd".

He believes that prices will plummet by 25 per cent over an undefined period, with prices falling by at least one per cent every month throughout 2008.

Julian King of National Homebuyers, the UK's leading fast property purchase firm adds it's the amount of time to achieve a sale that will be the 'killer'. "People who need a quick sale will not be able to acheive deadlines or price requirements in this falling market.

"It's the wait to acheive a sale that will be the killer for thousands. Those in financial difficulty, as well as those relying on a buyer to achieve their next purchase will be hardest hit.

"Like the CML, our analysts have predicted 30,000 repossessions this year and a further 15,000 next year. Those who need to sell property quick will find the market in 2008 highly unadvantageous".

Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm. The Sussex-based busines guarantees to make an offer to purchase any property in the UK for vendors who need a quick cash house sale.

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