Downturn in the property market
Wednesday, 16th January 2008The governments latest statistics show that the average price of a home in the UK fell 0.8 per cent last October. According to a report this proves house prices in the UK are falling as fast today as they did during the property crash of the early 1990s.
Market predictions vary widely but leading industry figures such as Experian, Nationwide and Intermediary Mortgage Lenders Association are all predicting negative growth in 2008, with the latest report from Capital Economics putting the downturn at five per cent.
The Royal Institution of Chartered Surveyors (Rics) states the number of estate agents reporting falling prices is now at its highest level since 1992, when Britain was in the midst of its worst-ever house price crash. Rics spokesman Ian Perry warned: “The Bank of England may have to cut rates further if the market is to remain stable.” Last months interest rate cut which was intended to ease the strain on mortgage borrowers, did little knocking a mere £20 a month of the average mortgage of £100′000.
If you are worried about a downturn in the property market and would like to sell your property quickly Soda Estates could help.
