National Homebuyers: Credit crunch is "toxic"
It looks as though many people will be seeking a fast property sale as a result of the "toxic" credit crunch currently affecting the UK.
[UKPRwire, Thu Mar 20 2008] David Buik from BGC Partners told BBC Radio Four's 'Today' programme it is still not clear exactly how bad the problem is.
He pointed out the markets cannot begin to recover until the true depth of the banks' losses have been revealed.
It means that lenders look set to remain unwilling to hand out mortgages and this could lead to a surge in people seeking a fast property sale as fewer buyers means falling prices.
"The banks have got to be incredibly vigilant because we are seeing a credit squeeze the likes of which I personally haven't seen for 45 years, and it is toxic," he told the programme.
"Until such time as we can actually see the wood from the trees, and what I mean by that is we can actually know and crystallise the depths of the losses incurred as a result of mortgage backed securities, the situation is going to remain dire," he continued.
Fast property sale expert Julian King says, "Homeowners who need a quick sale of their property are encouraged to find an alternative to selling on the open market.
"The estate agency route is costly, slow and uncertain. More than half of offers now do not go through to completion."
Mr King is a director of National Homebuyers, the UK's leading quick property sale firm, guaranteeing to make an offer to purchase any property in the UK, regardless of its condition or location.