Prices to fall 5 per cent according to National Homebuyers
There may be a surge in people looking to make a fast property sale as a leading analyst predicts that house prices will fall by five per cent in 2008.
[UKPRwire, Tue Feb 12 2008] Capital Economics has forecast major price falls in the next 12 months, spelling bad news for homeowners.
The firm puts the blame on a lack of demand for mortgages, coupled with tightening criteria among lenders.
It is likely that the gloomy forecast will lead to a surge in people seeking a fast property sale as homeowners attempt to make as much money as possible.
"2007 saw mortgage demand fall significantly," commented Roger Bootle from Capital Economics.
"While it is unlikely to continue declining at a similar pace, the weakening economic backdrop and tightening in lending standards mean that activity in the housing market will remain subdued.
"We expect house prices to fall by five per cent this year," he continued.
Fast property sale expert Julian King says, "Homeowners looking to sell before their property loses large amounts of value are advised to sell through a reputable quick property sale company.
"Many homeowners desperate to sell are entrusting the sale of their biggest asset to less scrupulous businesses that may look good on the internet but lack the financial clout of a large national organisation like National Homebuyers.
"We are currently calling for regulation of the Quick Property Sale and Sell and Rent Back industries to protect the consumer in their property sale".
Mr King is a director of National Homebuyers, the UK's leading quick home sale firm, guaranteeing a fast property sale for vendors who need a quick sale. Mr King is also a founder of APBA, the Approved Property Buyers Association which is calling for government regulation for the Quick Property Sale and Sell and Rent Back industries.