Major price correction in the coming years say National Homebuyers
The UK housing market may be set for a major price correction in the next three years, leading to a surge in people looking for a fast property sale.
[UKPRwire, Fri Dec 28 2007] Citigroup has warned that prices could fall by ten per cent, causing financial difficulties for millions of people.
The Telegraph reports that Michael Saunders from the firm believes the crash will be "very painful" for homeowners.
It is likely to lead to a surge in the number of people seeking a fast property sale as many people try to make as much money from their property as they possibly can.
"It's going to be fairly bleak. I expect house prices to fall by three per cent each year until the end of 2010, though the ten per cent fall could easily come in one go," Mr Saunders told the newspaper.
"Whether you call it a crash or a slump, this is going to be very painful," he added.
Quick house sale expert Julian King adds, "Prices have been dramatically overvalued for quite some time.
"Homeowners looking to sell their house next year with stupidly inflated notion of their property's price will be knocked to the ground. In order to achieve maximum price, homeowners should sell now to avoid further distress.
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.
Rightmove has reported that house prices in England and Wales fell by 3.2 per cent in December.
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