Buyers wary of entering the market says National Homebuyers
Many UK homeowners may seek a fast property sale because buyers simply are not entering the housing market.
[UKPRwire, Thu Mar 20 2008] That is according to the Association of International Property Professionals (AIPP), which said that the global credit crunch has made people concerned about making large purchases.
Paul Owen, chief executive of the AIPP, said that there is a certain level of confusion among potential buyers and this has put them off entering the market
With fewer people buying properties, many homeowners may seek a fast property sale.
"Most people have not seen anything like the credit crunch and they are not quite sure what is going to happen," said Mr Owen.
"At the moment everyone is wondering what happens next and so tend not to make big purchases. Purchasing white goods is down in the UK, purchasing cars is down.
"What we have seen in the shows this year, and what we have heard from people we speak to, is probably stronger than media speculation suggests," he added.
Fast property sale expert Julian King adds, "FTBs being wary of the market is keeping property prices down.
"The lack of buyers means tens of thousands of homesellers are forced to sell their property at reduced rates, as the limited number of buyers are able to call the shots.
"Only when the demand for property sufficiently increases will homeowners be able to achieve the level of value in their property similar to that they have been conditioned into expecting".
Mr King is a director of the UK's leading fast property buying company. National Homebuyers offer a series of solutions for people who want a quick property sale> The company is also the leaders in Sell and Rent Back products where the vendor can sell their property for up to market value but remain living in their home.