Homes to drop in price by £50 per day warns National Homebuyers
There may be a surge in the number of people seeking a fast property sale on the back of predictions that house prices will plummet in 2008.
[UKPRwire, Thu Feb 07 2008] According to Invesco, the average UK property is set to lose £18,500 of its value in the next 12 months.
That translates to a loss of £50 per day, potentially leading to many people seeking a fast property sale before their homes lose any more value.
Some parts of the country are set to suffer even bigger losses, while the firm pointed out that those who own new-build flats are set to suffer the most.
"Although my forecast is for house prices across the UK to fall eight to ten per cent in 2008, the decline may be much worse in certain areas," Invesco's Neil Woodford told the Daily Mail.
Mr Woodford has warned homeowners that they face a difficult year, a sentiment which has been supported by a number of high-profile analysts. The UK's leading fast property buyer National Homebuyers advises Homeowners to act quickly to avoid the worst.
"Most repossessions are due to the owner's lack of action. Many simply bury their heads in the sand hpping that the problem will go away" says director Julian King.
"Swift action is needed by the homeowner, who must be aware that options exist to help them in their difficult situation. As property prices fall, the number of homeowners looking for a Sell and Rent Back option are increasing daily".
Sell and Rent Back is where the homeowner sells their property quickly, for cash and remain living in their home as a tenant. Mr King advises that homeowners in financial difficulty use a property company with heritage and a proven track record before entering into any mortgage rescue agreement.