House price growth remained negative for the fourth consecutive month in November, potentially leading to a surge in fast property sales.
[UKPRwire, Fri Dec 28 2007] That is according to the latest Royal Institution of Chartered Surveyors' (Rics') Housing Market Survey.
The report reveals that 40.6 per cent more chartered surveyors reported a fall rather than a rise in house prices in the month - the most negative figure recorded since May 2005.
In addition, the balance of newly agreed sales declined at the fastest pace on record, with 36 per cent more chartered surveyors reporting a fall rather than a rise.
All of this is likely to lead to many people searching for a fast property sale as they desperately try to get the best value for the home.
"It is clear that the housing market continues to feel the strain of depressed market conditions," said Jeremy Leaf, Rics spokesman.
"The recent credit crunch continues to hit confidence in the market, with chartered surveyors feeling the most pessimistic about price expectations since 1998," he continued.
Fast cash for homes property expert Julian King adds, "People looking for a fast property sale will not get the desired results through selling their property on the open market.
"Homeowners who need a quick house sale will need to find alternatives to the traditional, even draconian, 'open market' approach".
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.
Many people are already seeking a fast property sale after Halifax revealed that house prices fell by 1.1 per cent in November.
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