National Homebuyers: House price boom is over

The house price boom is over and growth will "grind to a halt next year", according to Lombard Street Research.

[UKPRwire, Fri Nov 02 2007] The firm's head of research, Diana Choyleva, told BBC Radio Four's 'Today' programme that buy-to-let investors will be worst hit but all homeowners will feel the effects.

She was speaking after the Council of Mortgage Lenders (CML) forecast that house price growth would reach just one per cent in 2008.

"The buy-to-let market is one of the most exposed segments and we have already had average net rental yields much below actually the average effective mortgage rate," said Ms Choyleva.

"House price inflation is set to grind to a halt next year… We can't rule out nominal house price falls on an annual basis over the next couple of years

"Certainly this is the end of the house price boom and for that matter, the borrow and spend habit of the British consumer," she continued.

It is bad news if you are looking for someone to buy your property and many people will be considering a company like National Homebuyers to provide a quick property sale. Operations Manager David Harber comments, "We have seen a huge increase in the number of people looking for a fast house sale.

"A huge 25% of these enquiries are from customers who state repossession and debt or fear of repossession or debt as their reason for wanting a fast property sale.

"Our City analysts are confident that this volume of enquiries will continue to grow in 2008".

Mr Harber says National Homebuyers is 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.

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