Homeowners Losing £100 a Day

The struggling property market has been served a further blow with recent statistics demonstrating a daily property price fall at a higher rate than the average income. The survey, conducted by zoopla.co.uk is based on figures produced by the Land Registry and demonstrates a £100 daily fall in the average house price in the UK.

For homeowners in the UK it is a worrying situation as their property value may be falling at a rate higher than their daily income. On average, people in the UK earn £74 per day, and as the value of property declines at a rate of £100 a day, many people will struggle to meet the shortfall and may find themselves in negative equity. The result of this could potentially lead to homeowners facing property repossession after struggling to meet mortgage payments. For those in this situation, the possibility of a quick property sale to release equity tied into the home is slim.

Faith in the property market has taken a drastic downturn, with buyers keeping away from the market as property prices continue to fall and new buyers priced out of the market with difficult mortgage criteria such as the requirement for a significant deposit sum. For buyers to regain confidence in the market and the possibility of once again selling a home fast, the decline will need to bottom out.
Statistics show that the UK housing market in its entirety has seen £1 trillion in value lost across the board over the past year. Where the average home in England is seeing a daily drop of £110, Wales and Scotland are seeing significantly lower declines of £64 a day and £42 a day respectively. Despite the lower rate of decline, the whole of the UK is seeing property prices slumping every day and for many this is cause for concern, particularly if you have a substantial mortgage.

As house prices continue to fall, many people are finding it impossible to sell property fast, with homes left on the market, untouched by buyers. Swift Capital may be able to offer you a solution with an alternative equity release arrangement. We will buy any house in any condition and buy it from you for up to 80% of the current market value. This means that you can make a quick property sale and wither use the equity towards another home or sell and stay wth a tenant agreement. Contact Swift Capital today and see if we can assist you.