Millions face financial difficulties according to National Homebuyers

Millions of Britons face financial difficulty due to the global credit crunch.

[UKPRwire, Tue Dec 04 2007] That is according to Mintel, which says that 5.5 million (33 per cent) mortgage holders are in serious trouble.

It is bad news if you are searching for someone to buy your property as it means that million of people may find themselves facing repossession.

This would lead to an influx of new properties on the market, having a serious affect on house prices.

"When repossessed homes go on the market, they often have low price tags so that banks can make a quick sale and recoup their debts," said Toby Clark, senior finance analyst at Mintel.

"The housing market already looks finely balanced and there is a real danger that tightening credit could be enough to tip it over the edge," he added.

Mr Clark pointed out that as lenders become more cautious, borrowers are being offered less attractive rates, spelling bad news for those coming off fixed-rate deals.

Julian King, fast property sale expert at National Homebuyers adds, "The number of properties being placed on the market next year will far outweight the number of available buyers.

"Homeowners looking for a quick sale of their property will find achieving a sale increasingly difficult next year if they are to chose the traditional estate agency route.

"The length of time it will take to sell a property will continue to increase. Make a fast home sale an extremely difficult proposition.

"Homeowners who need to sell property quickly are encouraged to find alternatives to the 'open market' route of selling homes".

Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm. The company guarantees a quick 'cash for house' offer for vendors who need a quick sale. The company is also one of the UK's leading providers of Sell and Rent Back solutions.

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