Nationwide figures show House Prices fell 0.1% in January
A couple of important property figures were released today. Firstly Bank of England figures have shown that Mortgage lending is at a new record low. This of no surprise to ourselves, at YouSellQuick we hear first hand from many individuals who are desperate to sell their home on a daily basis. Time and time again we hear that offers have been made, however the buyer is unable to get a mortgage. we believe that the lack of mortgage lending is the fundamental reason as to why the market is hardly moving. When mortgages become more freely available the market will start moving again and then prices will start to slowly rise.
According to nationwide figures the average UK house price now stands at £161,602. This is 1.1% lower than January last year and shows a fall of £1,161 since December.
Whats the bottom line?
Average house prices hit there highest level of £170,111 in June 2010. Since then they have fallen 5% and Nationwide believe that another 5% fall is likely. If this is the case then the average house price will suffer a decline of £8500 and stand at around £153,000 by the end of the year.
If you are looking to sell your house quickly and avoid a further fall in price then speak to one of our advisors today and acheive a price as close to the market valuation as possible.
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