Price inflation down says National Homebuyers

Annual house price inflation fell in August as the downward trend continued.

[UKPRwire, Fri Oct 19 2007] According to the latest figures from the Department of Communities and Local Government (DCLG), annual inflation reached just 11.4 per cent, down from 12.4 per cent in July.

It is bad news if you want someone to buy your property and with price inflation heading in the wrong direction, it may be wise to sell your home fast.

Even London saw inflation fall from 19.1 per cent in July to 17.4 per cent in August.

England, Scotland and Northern Ireland saw inflation fall in that time, as the market across the board generally took a turn for the worse.

In England, inflation fell from 11.5 per cent to 10.6 per cent, Scotland saw inflation drop to 13.2 per cent from 16.4 per cent, while Northern Ireland's price growth slumped from 46.8 per cent to 44 per cent.

According to the DCLG figures, seven of the nine English regions saw house price inflation fall, while only one saw it rise and another remained the same. Julian King of National Homebuyers says, "Property prices are falling and will fall at an increased rate over the coming months.

"The average UK homseller has several options available to them, risk placing the property on the open market and see the value fall while its being marketed, opt for a quick sale and accept a below market value offer immediately rather than wait for the situation to worsen or retain the property and ride out any talk of a serious crash next year.

"This is not a good time for the homeowner, as people's wealth is being reduced by the hour".

Mr King is a Director of National Homebuyers, the UK's leading quick property sale firm that guarantees to make a quick cash offer on any property in the UK for vendors who need a fast property sale.

Analysts have been widely predicting a slowing of the housing market and these figures will come as no surprise to them.

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