Property prices continue to slump

Official figures from the communities and local government department have shown a significant slump in the price of property in the UK during 2008. Housing prices fell by a 10.2% average across the UK, encouraging hesitancy among prospective buyers expecting to see prices fall further. This hesitancy demonstrated by prospective buyers is leaving people who want to sell property fast in a difficult situation as prices continue to fall but very few buyers willing to pay even a reduced price.

The steepest drops in price were seen in Northern Ireland, with the value of homes depreciating in value by 17.9%. Scotland, by contrast saw a drop of only 6%, whereas England and Wales saw drops of 10.4% and 10.3% respectively. This significant depreciation of the value of homes across the UK means that the average home cost is currently around £195,217, a significant drop from the value of the average home at the end of 2007 which was £219,591.

Despite these falls in price, some estate agents are reporting that they are seeing some form of improvement, with the Halifax claiming that sales have improved during January. However, the fluctuations seen across the month in terms of property sales as a whole have seen a further downturn, exemplified with the Nationwide showing a monthly decline of 1.3% in prices during January.

As house prices continue to tumble, there is very little promise for buyers who need to secure a significant mortgage in order to purchase a home. Mortgage availability is at a new low in the UK, with lending down 52% compared to the previous year. A lack of mortgage availability coupled with a hesitant approach to home buying is causing significant cause for concern for people wishing to sell their homes. Howard Archer, the chief economist at IHS Global insight said:

“Many people are likely to be looking at houses pretty casually and will probably be very cautious about committing to buying a house in the current economic environment.”

As a result of the housing crisis in the UK, many people are being left without the prospect of a property sale. It is a particularly difficult time for those who may be facing repossession or those who need to release equity from their homes quickly. This is where Swift Capital can help.

We are able to buy any property in any condition and offer you up to 80% of the market value. You are then free to use the released equity as you wish. Contact Swift Capital today and see if we can help you.

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