Prices crash across the UK says National Homebuyers
There may be a surge in people seeking a fast property sale after the latest set of house price figures revealed that the average property lost 0.3 per cent of its value between November and December.
[UKPRwire, Tue Feb 05 2008] Smart New Homes has published its house price index for December, revealing that prices fell across the UK.
Some areas were hit worse than others, with people in the north-west most likely to seek a fast property sale after seeing two per cent of the value of their homes disappear.
Those in Scotland were not much better off, with prices falling by 1.3 per cent, while the East Midlands (minus one per cent) and the south-west (-0.5 per cent) also suffered.
The annual picture was even worse, as a number of regions suffered large losses compared to December 2006.
"Many analysts are suggesting an average 1 per cent fall in prices each month this year" says property expert Julian King of National Homebuyers. "This will spell absolute disaster for thousands of homeowners in the UK.
"Homeowners are encouraged to find alternatives to the open market for selling their property quickly. Marketing their home with an estate agent will mean paying for a Hips Pack, a lack of available buyers and a continued fall in the price of their property".
Mr King is a director of National Homebuyers, the UK's leading mortage rescue scheme provider, either arranging a quick property purchase or a Sell and Rent Back agreement where the homeowner can release equity in their property and rent their home back.
Even greater London was hit hard, with the average price falling by 4.1 per cent.
The largest annual decline was in Scotland, where the average home lost seven per cent of its value.