House prices plummeted in March, potentially leading to a surge in people looking to secure a fast property sale.
[UKPRwire, Wed Apr 23 2008] The latest Halifax House Price Index shows that a typical UK property lost 2.5 per cent of its value month-on-month.
That brought annual inflation down to a paltry 1.1 per cent and will have set alarm bells ringing for many homeowners.
"House prices fell by 2.5 per cent in March. Prices in 2008 Quarter One were one per cent lower than in 2007 Quarter Four," said Halifax chief economist Martin Ellis.
"Overall, we expect there to be a modest fall in UK house prices this year," he added.
The news is likely to lead to a surge in people seeking a fast property sale as they try to make as much money from the sale of their homes before prices fall further.
Fast property sale expert Julian King comments, "For the last 12 months, we haven seen a continued panic from homeowners who need to achieve a quick property sale to maximise the value in their home.
"Homeowners are genuinely worried about these continued falls in property prices. The amount of value wiped off the face of their property if they do not sell their property fast can be crippling for many".
Mr King is a director of National Homebuyers, the UK's leading provider of fast fast property sale and Sell and Rent Back products. Sell and Rent Back is a mortgage rescue solution which allows the homeowner to sell their property quickly and remain living in their home.
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