Rics predicts gloomy year say National Homebuyers
The UK housing market could be set for a deeper downturn than it has already experienced, potentially leading to many people seeking a fast property sale.
[UKPRwire, Wed Feb 27 2008] Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (Rics), said that problems in the credit market could make things worse.
He told the Reuters Housing Summit that there is a one-in-ten chance of a price crash on the scale seen in the 1990s.
"The odds (since then) certainly have not increased partly because the economy does seem to be displaying real resilience in the face of headwinds," he said.
"They [our models] are suggesting that the risks are on the downside of zero," continued Mr Rubinsohn.
It is bad news for homeowners and is likely to lead to many people seeking a fast property sale in order to get as much money as possible for their properties before prices fall further. Julian King of National Homebuyers says those in need of a quick home sale will have to look at options away from the open market.
"Selling your property through an estate agency incurs Hips costs, sales commissions and is fraught with delays and uncertainties.
"In order to acheive a guaranteed quick sale of your property, you must look outside the estate agency route".
Mr King is a director of National Homebuyers, the UK's leading fast property purchase company, guaranteeing a quick sale for vendors who need to sell property fast.