Prices look set to fall, says National Homebuyers

There is a one in three chance of house prices falling in real terms by 2010.

[UKPRwire, Tue Nov 13 2007] PriceWaterhouseCoopers (PwC) says that house prices are currently around ten per cent overvalued.

It suggests that if you want to find someone to buy your property, now may be the best time do so.

"This does represent a material downside risk for the economy more generally given the likely knock-on effects of lower house prices on consumer confidence and spending," said a PwC statement, according to the BBC.

The report is just the latest in a long line of conflicting releases about the property market, all of which are causing widespread confusion about the future of house prices in the UK.

This in turn appears to be putting new buyers off entering the market, with Moneysupermarket recently reporting a 20 per cent decline in the number of first-time buyers making enquiries about buying a home.

Speaking on BBC Radio Five's Wake Up to Money programme David Harber of National Homebuyers announced that customers fearing a debt crisis because of falling house prices should consider a Sell and Rent Back option.

"National Homebuyers are the UK's largest quick property sale company, guaranteeing to make an offer to purchase any property for homeowners who need a quick sale.We speak to hundreds of people each month who fear debt as a reason for considering a quick house sale.

Mr Harber is the Operations Manager for National Homebuyers.

"We concur with PwC's [figures] that repossessions will increase in 2008 and the homeowner should take steps now to avoid repossession" he adds.

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