Prices falling into the unknown says National Homebuyers

The housing market is slowing but it is unclear how fast and how far down it will go.

[UKPRwire, Sun Nov 18 2007] That is according to Henry Pryor, chief executive of website Primemove, who likened the current situation to "sky diving at night".

In an interview on Channel Four's 'News at Noon' programme, Mr Pryor commented on recent negative figures from the Royal Institution of Chartered Surveyors (Rics) and the Council of Mortgage Lenders (CML).

He said that it is unclear exactly how badly damaged the housing market will be, which is worrying if you are looking for someone to buy your property.

"What we are seeing from the reports from the CML and from the Rics really reinforce and confirm what we have seen probably over the last six or seven months: the stock of new property coming onto the market is significantly down, somewhere in the order of 30-40 per cent," said Mr Pryor.

"My concern is that frankly at the moment this is akin to skydiving at night; we have no idea how fast we are falling, we've got no idea where the bottom is.

"The property market takes a long time to move and it is going to be some time before we see the significance of exactly what has gone on at the moment," he concluded.

Fast property sale expert Julian King of National Homebuyers says, "Thousands of homeowners will be seriously affected by this continued downturn and they would be wise to consider the quick sale of their property.

"Those who fear affordability issues are advised to act quickly in order to prevent them becoming one of the predicted 30,000 repossessions this year.

"We are happy to assist thousands of people each month who ask 'buy my house quick' for whatever reason. We expect this number of people to continue to increase".

National Homebuyers are the UK's leading fast property sale firm, guaranteeing to make an offer on any home in the UK for vendors who need a fast property sale.

Hometrack recently reported that house prices fell by 0.1 per cent in October.

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