The Royal Institution of Chartered Surveyors (Rics) has revealed that house prices are falling, potentially leading to a rise in the number of people looking to make a fast property sale.
[UKPRwire, Tue Feb 19 2008] According to the organisation, the number of surveyors who reported a fall rather than a rise in prices increased in January.
Rics reported that 54.7 per cent more surveyors reported a downward trend, compared to just 49.1 per cent in December.
It is yet another sign that the UK housing market is struggling and is likely to lead to a surge in people seeking a fast property sale.
"A lack of demand and confidence in the housing market is clearly behind the recent price slowdown," said Rics spokesman Jeremy Leaf.
"Tightening mortgage lending criteria is a block to many who are keen to take the housing market plunge.
"Agents are finding it difficult to market properties to an audience which has decided to watch the current economic theatre from the wings," he continued.
Fast property sale expert Julian King adds, "As fewer buyers enter the market to buy the available properties, house values will conntinue to reduce accordingly.
"Homeowners in need of a fast property sale will also find the delays and costs of selling through the traditional open market [through an estate agency] route very undesirable.
"The length of time to sell a property through an estate agent continues to increase as property values fall day by day".
Mr King is a director of National Homebuyers, the UK's leading quick property sale firm. He is also a founder member of APBA [the Approved Property Buyers Association] which is calling for government regulation in the quick property sale industry.
Nationwide recently reported that house prices fell by 0.1 per cent in January.
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