Prices to fall by 35 per cent according to National Homebuyers
There may soon be a surge in people looking for a fast property sale as one expert predicts that house prices are set to fall by one per cent each month for the next three years.
[UKPRwire, Wed Jan 09 2008] Paul Holmes, chief executive officer at FirstRung believes that the inflation "phenomenon" is over and we are set to see major price falls.
Many homeowners will now seek a fast property sale in order to get the best value for their property.
"My best guestimate… is that house prices will correct by a per cent a month over the next three years, so we'll see a 35 per cent correction in house prices," said Mr Holmes.
"We're now reverting back to the lending standards that the banks and building societies operated within in the 1980s. It's become that bad – instead of asking for five to ten per cent deposit, they're asking for 25 per cent on the risky mortgage products.
"The fact it will fall is not worth debating: it will. It doesn't matter what figures are thrown at people," he continued.
Fast cash for homes property expert Julian King comments, "Mr Holmes calculation suggests an average £120,000 property will be looking at being sold for around £80,000.
"Although our analysts do not predict such a huge - or continued - fall in the market, the homeowner should be made aware of the instability of the housing market over the coming year.
"Homeowners who have already seen their local property market drop should consider a quick property sale to avoid further losses".
Mr King is a director of National Homebuyers, the UK's leading provider of quick house sale and Sell and Rent Back solutions. Additionally, the company does not require the vendor to pay for a Hips pack in order to sell their house.
Del.icio.us
Digg
Furl
Blinklist
Reddit