National Homebuyers: 'Housing market will not recover for a while'

The UK housing market is going to take some time to recover from its current slump.

[UKPRwire, Mon Nov 26 2007] That is according to the Council of Mortgage Lenders (CML), which says that market conditions are preventing people from buying a home.

It is bad news if you are looking for someone to buy your property and could lead to financial difficulties and even repossession for many.

"What is needed is more injection of more liquidity but we are going to see the market taking a very long time to come back, for no good reason," Sue Anderson from the CML told Channel Four News.

"This is about opening up markets. That needs to happen to get us back on track and back to normal," she added.

Nationwide recently predicted that house price growth would fall to zero per cent in 2008, while Firstrung has described this forecast as "silly".

Julian King of fast property purchase firm National Homebuyers adds, "Like the CML, we predict 2008 to see around 45,000 repossessions. People are walking a tight rope to keeping their home.

"Homeowners are frequently left with little option than to sell their home quick, before the lenders take possession. Those seeking a quick house sale are encouraged to look beyond the high street estate agent to find the solution.

"National Homebuyers are assisting thousands of people who need a quick property sale, regardless of their reasons".

Nationwide believes that prices will actually fall by 25 per cent over an undefined period of time, with one per cent falls recorded every month in 2008.

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