Housing market set for gridlock say National Homebuyers

The housing market may be approaching gridlock in early 2008 as large numbers of people look to sell their properties.

[UKPRwire, Tue Oct 30 2007] That is according to Firstrung, which says that property portal Rightmove is fast approaching the milestone of having one million properties for sale on its website.

Firstrung believes that during the first quarter of 2008, one in 20 properties in the UK will be up for sale.

It is bad news if you are looking for someone to buy your property as the market will be weighted heavily in favour of the buyer.

"We'd suggest that estate agents will have their work cut out to maintain any semblance of sales targets they've pencilled in for early 2008," said Paul Holmes from Firstrung.

"We are now approaching the quietest four month period for agents. Transactions falling through are now running at a record high of 10.7 per cent and with agents currently marketing on average 81 properties each, as opposed to 60 in 2006, it is fairly obvious that there is not a supply problem in the UK housing market.

"There is simply an entrenched denial amongst UK vendors as they continue to value their property with misguided methods; either using personal anecdotal evidence, or a dogged determination for the protection of illusory profits," he added.

Julian King of the UK's leading quick house buyers adds, "People looking to achieve maximim price for their property will be fighting against the overvaluation by the agent and the amount of time it will take to get to completion in a falling market.

"National Homebuyers speak to thousands of people each week who are looking to sell their property now without the potential danger of falling chains, property prices reducing further or even the prospect that their property will simply not sell.

"Homeowners are going to have their perception of the effeciency of the property market challenged yet further in 2008".

Mr King is a director of National Homebuyers, the Sussex-based company guarantees a quick purchase for vendors who need a fast property sale.

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