Consumer confidence plunged in December to it lowest level for 12 years, spelling bad news for anyone seeking a fast property sale.
[UKPRwire, Fri Dec 28 2007] The GfK NOP consumer confidence index reveals that confidence has plunged to levels not seen since December 1995.
The slump is being blamed on the Northern Rock crisis, the global credit crunch, rising fuel and food prices, and a number of incidents which have caused the public to lose confidence in the government.
People wishing to make a fast property sale may be concerned by the news as it means people are less likely to buy property.
"Consumers were less upbeat about their personal financial situation over the past year, as well as the outlook for their finances over the coming 12 months in December," said Howard Archer from Global Insight.
"The weakest part of the December consumer confidence survey related to people's willingness to make major purchases.
"Indeed, the sub-index measuring consumers' perception of whether or not it is a good time to buy plunged to a sixteen-and-a-half year low of -14 in December," he added.
Fast property sale expert Julian King adds, "With analysts prediciting 123 homes a day being repossessed in 2008, we urge those in financial difficulty to act quick.
"Homeowners who believe they will achieve the full over inflated value of their property on the open market will be sorely disappointed and will be hit with a huge amount of time it takes to sell.
"Selling time is around three months and for many time is a luxury they simply do not have."
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.
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