House prices down again according to National Homebuyers
House prices fell for the third consecutive month in January, potentially leading to a surge in people looking to secure a fast property sale.
[UKPRwire, Tue Feb 12 2008] According to the latest Nationwide house price index, the average UK property lost 0.1 per cent of its value in the month.
It is not the first price fall in recent months and does not look like being the last, with many homeowners seeking a fast property sale as a result.
The survey revealed that annual inflation fell from 4.8 per cent in December to just 4.2 per cent in January, wiping out over £1,500 of the value of the average UK home.
"The weakening trend in house prices during the last three months is consistent with the loosening in housing market conditions that has become increasingly evident in the data," said Martin Gahbauer from Nationwide.
"Key indicators such as mortgage approvals and the sales-to-stock ratio have now fallen close to or even below the troughs reached in late 2004, a period that was followed by a year of very subdued price growth.
"This undoubtedly signals a continued cooling in annual house price inflation during the months ahead," he added.
Fast property sale expert Julian King adds, "The continued cooling in the market is causing many to sell their property away from the traditional open market route as marketing property through an estate agency does not afford the seller the timescales needed to achieve a sale.
"A quick property sale through a reputable organisation like National Homebuyers allows the homeowner to have a guaranteed buyer within days at time when analysts are agreeing property prices are falling by up to £50 a day".
Mr King is a director of National Homebuyers and is also a founder member of APBA, the Approved Property Buyers Association, which is calling for government regulation of the Quick Property Sale and Sell and Rent Back industries.