Prices to fall 20 per cent according to National Homebuyers
There may be a surge in people looking to make a fast property sale after website Fool forecast a 20 per cent house price crash in 2008.
[UKPRwire, Tue Jan 22 2008] The firm anticipates that the average UK property will lose a fifth of its value in the next 12 months, spelling financial difficulties for many across the UK.
According to David Kuo, head of personal finance at the company, prices will slump heavily this year and the signs are already there to be seen.
"In 2007, the average house price was round about £197,000 and we are predicting that house prices will fall by 20 per cent this year," he revealed.
"I think we are already seeing indications - in December house prices were starting to moderate, and I think that will continue through 2008 itself," added Mr Kuo.
With prices set to lose so much of their value, many UK homeowners will be looking to secure a fast property sale in order to get as much money for their properties as possible. Julian King of fast property sale experts National Homebuyers says, "Homeowners need to consider a quick property sale to avoid further losses.
"With house prices coming down, those who want to cash in on the current value of their property must do so quickly.
"It would be fair to say we will continue to experience a period of downturn. For thousands, this loss in value in their property will be disasterous".
Mr King is a director of National Homebuyers, the UK's leading Sell and Rent Back provider. The company also arranges for immediate purchases of properties for vendors who need a quick house sale for whatever reason.