Buyers scared to enter the market says National Homebuyers
House prices are set to fall, potentially leading to a surge in fast property sales, and demand for mortgages is falling too.
[UKPRwire, Mon Mar 03 2008] That is according to a financial planning statergist at IFG Group, who revealed that borrowers are too scared to take out large loans.
During an appearance on BBC Radio Five Live's 'Wake Up To Money' programme, Donna Bradshaw highlighted why many 100 per cent mortgages have been removed from the market.
She said that most people believe house prices are set to continue falling, with her words likely to lead to an increase in the number of people seeking a fast property sale.
"Things are calming down and people are getting a bit wary, partly because there's so much in the news," Ms Bradshaw told the programme.
"The fact is that we all believe house prices are overvalued and they're likely not to go up much, in fact they'll probably go down over the next few years.
"So a lot of people are very aware of that and are maybe a bit more reluctant to actually take on quite a high borrowing rate," she added.
Julian King of National Homebuyers comments, "Property prices and lending criteria will continue to be tough for a while.
"Homeowners who need to sell quickly either to resolve finances or to purchase their next property should consider a quick property sale with a company like National Homebuyers".
National Homebuyers is the UK's leading fast property purchase firm, guaranteeing a fast sale in a matter of days. The company is also a leading provider of Sell and Rent Back solutions for homeowners looking for a mortgage rescue solution.