A lack-lustre recovery, or it is a decline in house prices?
Last month the Nationwide reported that the UK property prices went down 0.6% – year on year the house price index was down 0.6% to where they were in 2010. I remember a year ago commenting that house appreciation was up by 5%/6% but it seemed like there is too much headwind. I predicted the prices will be in retreat by 5%: it is good to be on the mark.
Basically house prices are extended to their maximum. Almost everywhere the prices are 5-10 times salary incomes, plus the lenders do not want to grant you a mortgage. On the other side, interest rates are low, in fact, very low so that is supporting house prices. So I predict no change for the years to come.
In the end the salary increases of the 92% of people WITH jobs will trigger house price increases. One minute is zero price appreciation, next minute it will be 10-15% increases because that is the way of the ‘herd mentality’. If you sell for 20-25% below market value and then in a few years time discover that your neighbour has sold his property for 10% above asking price then you might be (you must be!) kicking your self for not accepting our quick move now agreement. If you have not got any financial difficulties, but you wish to sell your house quickly, with out giving the equity away, call us. For instance you are moving away, or emigrating it is just ideal. The number is 020 7385 4498, we are very friendly and have a wealth of experience buying and selling properties.
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