Quick House Sale needed as prices fall for 3 consecutive months
Double dip recession prevents you from selling your home
Uk Figures still show a gloomy picture as the economy as a whole now reaches the longest double dip recession since the 1950’s. According to new statistics from the HMRC house sales have slowed during July. Total completions in July where 86,000 whereas during June this figure stood at 81,000. This is quite a significant reduction in sales and it has been commented that a lack of confidence from house buyers is making them unwilling to want to borrow. At the same time the lenders themselves are even more so unwilling to lend creating a deadlock and a fall of 5000 house sales in a month.
More house sellers enter the market
Other news show that the average UK property price has once again fallen by 0.1% during August the same level of reduction as seen during in July and marking 3 consecutive months of falls. At the same time the supply of new housing stock entering the market has risen by almost 1% which has triggered analysts to predict that further falls are to come. It’s a simple equation between supply and demand and if there is more supply entering the market coupled with less demand from buyers then existing home sellers may be forced to reduce the price of their home even further.
Fast house sale in London
Figures for London do tend to be displayed separately as London has been bucking the trend throughout this recession. Prices in London have risen for seven months in a row up until August where they currently remain flat. This may signal an end to the continuous rise in London house prices or more likely a simple blip as many believe that London house prices will always inevitably rise. The Situation in the capital is remarkably different to that of the rest of the country and for those who aren’t already on the property ladder they are continuously finding themselves priced out. Over the past ten years the average income has apparently risen by 30% (we find that figure difficult to believe) at the same time the house prices have doubled, the maths simply doesn’t add up and having a 9 -5 job doesn’t give you the wage that it used to. For those who can afford to buy a home in the capital the average price now stands at £388,000 which is over 70% higher than the UK average. For those who can’t afford to buy a home in LOndon then renting is the only other option. Unfortunately, the average rental price within London stands at over £1000 per month and almost 50% higher than the UK average. For the large majority of buyers wishing to purchase a new home in the capital the discrepancy between average wages and average house prices may make living in the city an unattainable desire.
If you are wishing to sell your home but like many across the country are struggling to do so. Help is at hand. We have an experienced team of advisors who are able to giveyou a preliminary offer over the phone within a matter of minutes. Not only that but we are able to deal with a variety of different circumstances from facing a repossession to needing a quick sale due to a requirement to move abroad. Contact one of advisors today and we will do all we can to help.
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