Residential Market Downturn
Thursday, 22nd March 2007The Bank of England is advised against increasing rates in April, due to a survey that was conducted by The National Association of Estate Agents (NAEA).
It revealed a high 40% of their members noticed a downturn in activity within the residential market, reflecting the rise of interest rates in January.
Property prices could fall due to this down turn in activity. If people are not buying, something will have to change to entice them to buy and its not likely to be interest rates at the moment.
If property prices do fall, many people could find themselves in negative equity, owing more on their mortgage than their house is actually worth. This is especially true of anyone who has bought a property recently at the current high prices.
Many people have considered selling their property quickly whilst the prices are currenlty high.
If you need a quick property sale, you can contact us.. We are always willing to try and help anyone who needs to sell property quickly.