Market slowdown has started says National Homebuyers

The slowdown of the UK housing market has begun, potentially making it more difficult for you to find someone to buy your property.

[UKPRwire, Fri Nov 02 2007] The CBRE Hamptons Residential Property Market Overview for the third quarter of 2007 blames high interest rates and the global credit crunch for what it describes as "clear signs" that the market is cooling.

"The recent interest rates rises have fed through to higher mortgage rates, worsening affordability. In addition, issues stemming from the US sub-prime market have started to impact on the UK market," stated the report.

"Banks' concerns about exposure to low quality debt resulted in a confidence crisis, which caused liquidity to dry up in the banking system.

"On the consumer side the credit crunch has inflated mortgage rates, which has further worsened affordability," it continued.

Fast property sale expert David Harber of National Homebuyers says, "The slowdow signs have been out for sometime, it's only now that the glare of media flashlights are on it that it's become a talking point.

"It's fascinating to see that the the UK market is overstretched with homeowners from the subprime sector - the very thing, in a falling market, that caused the credit crunch in the US.

"Further interesting to see that in the US the subprime market accounts for 55 per cent of foreclosures [repossessions], whereas in the UK it's 70 per cent."

David Harber is the Operations Manager of National Homebuyers, the UK's leading fast property purchase firm that guarantees to make an offer on any property in the UK for vendors who need a quick sale.

The report points to leading indicators which show that the housing market is slowing down.

Nationwide has revealed that quarterly house price growth softened and the National Association of Estate Agents says that nearly 11 per cent of all sales fell through in August of this year.

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