Prices to fall by 5 per cent say National Homebuyers
The average UK house price will turn negative very soon, according to Capital Economics, potentially leading to a surge in people seeking a fast property sale.
[UKPRwire, Tue Mar 04 2008] The firm has highlighted recent figures which suggest a negative movement within the housing market.
Figures from the British Bankers' Association (BBA) regarding mortgage approvals in January have been described by Capital Economics as "weak", wile Hometrack revealed that house prices fell in the month.
Both sets of negative figures are likely to lead to more people seeking a fast property sale and the firm believes that things are set to get worse.
"The outlook for the housing market remains weak. In our view, restricted credit availability and stretched affordability will continue to dampen activity levels, with house prices set to fall by five per cent this year," read a statement from Capital Economics.
Julian King of fast property buyers, National Homebuyers says, "Nationwide recently revealed that house prices fell by 0.1 per cent between December and January.
"We expect this to continue - although there may be a small uplift which will be distorted because of the full introduction of Home Information Packs.
"Overall, the market continues to look gloomy for those looking to sell their house at maximum value".
National Homebuyers are the UK's leading quick property sale company, guaranteeing an offer on any property in the UK, regardless of its condition or location.