House price growth falls says National Homebuyers
The latest negative house price figures may lead to a surge in people seeking a fast property sale.
[UKPRwire, Mon Jan 28 2008] Assetz has published its House Price Watch, which offers an overview of the five main house price indices.
It has revealed that annual house price growth fell to 6.4 per cent in December from 7.9 per cent in November.
In addition, December's figure was down on that recorded in December 2006, when annual growth stood at 10.3 per cent.
The downward movement is a worrying trend for homeowners and many will be looking for a fast property sale in order to get as much money as possible for their home before house price growth falls further.
Assetz chief economist Stuart Law spoke about the "reducing number of homebuyers" as "huge numbers of people are favouring rented accommodation".
He went on to call for an interest rate cut sooner rather than later: "Although inflation for 2007 as a whole finished largely in line with the Bank's target of two per cent (2.1 per cent), the threat of an economic slowdown and current retail pressures on the high street are fuelling the need for a cut in interest rates next month."
Cash for homes expert Julian King of National Homebuyers says, "The continued lack of buyers will pose increasing problems from homesellers as they rely on putting their property on the market to achieve both a quick sale and at the full asking price.
"Homesellers are foodhardy to believe that this is still possible. The wait for a property to sell on the open market continues to lengthen, causing multiple problems for homeowners who need a fast property sale.
"Plus, the potential of achieving the full asking price is now simply just a dream".
Mr King is a director of National Homebuyers, the UK's leading quick property sale company. National Homebuyers guarantees to make an offer on any property in the UK, regardless of its condition. The company also provides mortgage rescue solutions such as Sell and Rent Back when the homeowner can sell their property, but rent back for an agreed period of time and rental fee.