National Homebuyers: 'Price growth subdued - fast property sales to soar'

House price inflation fell to just under 0.1 per cent between September and October, potentially leading to an increase in the number of people seeking a fast property sale.

[UKPRwire, Fri Dec 28 2007] According to the latest Department of Communities and Local Government (DCLG) House Price Index, growth was extremely subdued.

It will have many people seeking a fast property sale in order to get the best value for their property.

People living in the north-east saw the lowest annual inflation, with prices increasing by just 5.2 per cent year-on-year.

This was followed by the East Midlands (6.4 per cent) and the West Midlands (6.7 per cent).

Commenting on the index, Howard Archer from Global Insight painted a bleak picture of the future.

"There is undeniably a very real - and growing danger - that the housing market could see a sharp correction next year," he revealed.

"Probably the biggest risk is that the economy slows sharply over the coming months and unemployment starts rising significantly.

"At the same time, a weak economy and rising unemployment would be likely to substantially dilute housing demand through reducing people's ability to buy a house," added Mr Archer.

Fast cash for homes property sales expert Julian King adds, "Most properties in most areas will see their velue fall in the coming months.

"This is a continued effect of there being uncertainty in the market, the introduction of Hips, overvalued prices and a lack of buyers because of amendments to lending criteria.

"A further lack of buyers will mean homeowners will not be able to achieve the timescale or price they hope for in 2008".

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.

Halifax recently revealed that house prices fell by 1.1 per cent between October and November.

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