Biggest Decline of House Sales on Record

This week’s survey that comes from the Royal Institution of Chartered Surveyors provides further negative information concerning the UK property market. The survey found that house sales in the UK have fallen to the lowest level since records began, over 30 years ago.

The survey details this record-low level by revealing only 11.5 properties were sold by the average estate agent over the three months leading up to September, that’s only 0.88 properties in a week.

As the amount of houses sold per week continues to fall, homeowner’s confidence will continue to decrease, with the prospect of being able to sell their home seemingly diminishing. The news of falling sales coincides with a continuing downward trend of house prices dropping. House prices, too are continuing to drop at a record rate, with September being the eighth consecutive month of falling prices. All of these figures are proof that the government’s attempts to abate the downward trend with the reduction of Stamp Duty for homes under £175,000 has had little impact and more needs to be done to prevent further downturn.

Despite falling house prices, the availability of mortgages, particularly to first time buyers are scarce. Banks are setting requirements for house deposits at a minimum of 10 or 15%, and therefore alienating many first time buyers who cannot afford such a significant deposit.

It is hoped that the £37 billion bailout of UK banks earlier this week will bolster the housing market by encouraging banks to lend to one another again; making it easier for first time buyers to join the property ladder and boost the market. However, it is uncertain whether the bailout will have a significant impact or how long it will take to have an improving effect on the housing market.

Jeremy Leaf, spokesman for the Royal Institution of Chartered Surveyors, recognises the concern of homeowners, commenting that: ‘As it stands, only those with significant finances are in a position to access the market. The housing market continues to hold its breath and unless mortgage liquidity improves, the market is likely to remain a dormant beast for some time to come’. With the contention that the housing market is a ‘dormant beast’, it is recognisable that the recovery period for the market is likely to be a significant amount of time, with the downward trend of the market set to continue.

Despite these trying times in the housing market, Swift Capital are able to provide an answer for many people in the UK who are keen to sell their house quickly and release the equity from their home.

With a slowing property market, we understand that the need to sell your house is worrying, but we can offer a solution. Swift Capital will buy any house in any condition for up to 80% of the market value and in many cases we could complete the sale in a matter of days. Contact Swift Capital today and see if we can resolve you housing concerns.