Market slows in October

The UK housing market slowed considerably in October, according to the latest figures from the National Association of Estate Agents (NAEA).

[UKPRwire, Mon Nov 26 2007] It is bad news if you are looking for someone to buy your home and the NAEA figures are quite damming.

The number of homebuyers on estate agents' books is at its lowest for four years, while the number of agreed sales also plummeted.

Meanwhile, the number of sales that fell through rose between September and October.

"There are potentially delicate times ahead - particularly if the government presses forward with the final phase plans for home information packs too soon," said Stewart Lilly, president of the NAEA.

"The removal of homeowners' right to first day marketing - currently planned for January - is, by far, the biggest threat to stability.

"We hope the government recognises this and makes the necessary changes with the utmost urgency," he added.

Fast property sale expert Julian Kind adds, "The effect of the continuing lack of buyers will be felt strongest next year.

"Homeowners looking for a quick house sale have found they are largely out of luck in 2007, when the number of properties increases dramatically next year, while the number of buyers remains limited, the market will suffer further set-backs.

"People who need a quick sale need to look beyond the usual, draconian 'open market' route and consider the quick property sale option. National Homebuyers will purchase below the market value, but we will purchase within days. Thus, limiting any further potential reductions in the value of each property as it stalls on the open market".

Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm. The Sussex-based busines guarantees to make an offer to purchase any property in the UK for vendors who need a quick cash house sale.

Firstrung recently revealed that it anticipates seeing house prices fall by one per cent every month throughout 2008.

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