National Homebuyers: 'Fears of major price crash'
There are signs that the recent housing market slump may turn into a property price crash, with many people seeking a fast property sale to avoid such a disaster.
[UKPRwire, Wed Feb 27 2008] A member of the Bank of England's Monetary Policy Committee (MPC), Kate Barker, recently gave a speech in which she hinted that prices are set to drop.
She said that there will be a decline in the short-term, while she also warned that many people face a battle to avoid repossession as they reach the end of fixed-rate deals.
David Kuo, head of personal finance at website Fool, said that many UK homeowners face a potentially life altering 2008.
"The twin threat of falling house prices and rising mortgage repayments is a frightening proposition that could shatter the dreams of many recent buyers," he said.
"For some people, being forced onto a lender's standard variable rate is a possibility if other forms of financing are unavailable.
"However, homeowners who believe they may be in this position should take action now," added Mr Kuo.
Fast property sale expert Julian King says, "Many people will choose to seek a fast property sale in order to get as much money for their properties before prices fall further.
"Although we are unconvinced of a 'crash' we are very aware that some homeowners need to sell their property quick, which is simply not possible in this climate.
"Homeowners who need to sell property quickly are advised to research other options available to them".
National Homebuyers is the UK's leading fast property purchase firm. The company is also the leader in the Sell and Rent Back market.