House prices to cool in 2008, says National Homebuyers

House prices are set to cool rapidly next year, spelling bad news for home buyers, according to a poll carried out by Reuters.

[UKPRwire, Tue Oct 09 2007] The news agency questioned analysts on how they see the housing market progressing in 2008, with the majority predicting a sharp downturn in activity.

Experts predicted a one in three chance of annual house prices falling at some point in the next 12 months, with all of those questioned admitting that UK homes are overvalued.

That makes a drop in prices even more likely and will surely lead to a surge in people looking for a quick sell of their property.

"If the current turmoil in global credit and financial markets is extended... the risk will grow that the housing market could see a sharp slowdown and significantly falling prices," Howard Archer, chief European economist at consultancy Global Insight, told Reuters.

Julian King of National Homebuyers confirms Mr Archer's comments, "We speak to thousands of homeowners every month who are looking to sell their property quickly before its value dips further.

"Not a day goes by where the property market, credit crunch, mortages or repossessions are not in the news, as such, we feel that the average British homeowner is getting wise to the current and future situations with people looking to sell their property quickly - faster than the open market can achieve for them".

National Homebuyers is the UK's leading fast property purchase firm, guaranteeing a quick property sale for vendors who need a quick sale.

It appears that the predictions may already be coming true, with Halifax recently reporting that house prices fell by 0.6 per cent in September.

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