King announces end to house price boom according to National Homebuyers
Mervyn King, the governor of the Bank of England, has predicted a permanent end to the housing market boom.
[UKPRwire, Thu Apr 03 2008] While the credit crunch has already ground the market to a halt, Mr King has suggested that homeowners will not see rampant house price growth again - at least for the next few years.
Speaking to MPs, Mr King emphasised his belief that, over the coming years, future house price growth is likely to be negligible at best.
"I would be surprised in a few years if house prices are markedly higher than they are now," he said.
Mr King went on to paint a bleak picture for homeowners, suggesting that they will struggle in the face of soaring food, petrol and energy bill costs.
"As a nation, our standard of living is going to rise much less quickly than if these price rises had not increased," he commented.
Chris Newman from fast property sale leaders National Homebuyers adds, "Property prices are still levelling, but this means for the tens of thousands who have bought in the past couple of years, they are heading for a difficult financial time if they need to sell.
"A quick property sale is recommended for those who are in financial difficulty, as the costs, delays and uncertainties of selling on the open market do not afford people the quick sale they require".
Mr Newman is a director of National Homebuyers, the UK's leading fast property sale firm. The company is also the UK leader in the Sell and Rent Back industry.