House prices fall in the UK for the fourth month in a row, as higher interests rates have dented homebuyers’ confidence, according to new statistics. According to property website Hometrack, the average house price in England and Wales fell by 0.3% to £174,700.
Also, the average time it takes to sell property has risen to 8.5 weeks, the highest since the survey began in 2001. Hometrack’s Richard Donnell blames the effect of the current economic climate on buyers’ confidence:
“Weak confidence among would-be purchasers continues to put downward pressure on house prices. With most buyers also being sellers, households are now waiting until there are signs of general stability before committing.”
The country’s house prices have risen by 2.3% when compared with the same period last year, but overall house price growth has certainly slowed – Deloitte & Touche predicts the price will decline by around 5% in 2008.
Such economic conditions in the property market will make it harder for people to sell their homes and make it vary hard to sell them quickly. Homeowners who are looking for a quick house sale, because they need to move for work reasons, are looking to move abroad, or need to pay off debts, should consider Molae Properties.
With a quick sale to Molae Properties, a deal could be completed in a much faster time than the average of 8.5 weeks – within 7 days if required.