Sluggish, Subdued & Stagnant September Sales
According to Halifax, Britain’s largest mortgage lender, the UK’s house prices continue to fall with the sharpest drop in 6 months experienced in September alone. The average house price has now slipped down to £225,955 which is 1.4% lower than August’s figure.
London’s house prices are also falling for the first time since the economic crash hit the capital in 2009 and economists have picked up on the obscure regional differences in property prices and forecast the year on year growth as ‘barley exceeding zero.’
According to the Bank of England, house prices could drop by a massive 35% in the next 3 years due to the disruption caused by a potential ‘no-deal Brexit.’
The number of property transactions over the last 4 years has been stuck at around 1.2million per year but in London, turnover is down by a huge 20% during the same period of time.
However, some homeowners are not yet able to acknowledge the change in the market and that the price of property is falling. Pricing a property in the current market can be difficult due to the low turnover and some homeowners have decided to hold onto their properties to ‘wait and see’ what the future holds.
Unfortunately, waiting is not always an option as many homeowners are faced with time pressures which can be caused by many factors. For example, you may be struggling to afford your mortgage repayments and repossession is a very real future for you if you were to wait 6 months to find out what happens with the UK leaves the EU therefore, the sooner you sell, the sooner you will be released from the burden of mortgage repayments.
Perhaps you need to sell and relocate because you have secured a new job which is in another part of the country and you have already received your start date. Many people are unable to buy a second home before selling their current one or are unable to afford to rent another property without selling their own home.
The current market can prove a very difficult proposition for the majority of homeowners because there is always a reason behind you deciding to sell and a lot of them come with either money troubles or time pressure but have no fear, OK Property can help you.
At OK Property we pride ourselves in offering honest and reliable advice with professionalism, integrity and more importantly a sale completion for you within the shortest possible time. We purchase properties in any location and condition and also have hundreds of property investors who are either pre-approved for mortgages or cash buyers waiting to purchase your home.
So, if you are you looking to sell your house quickly & easily with no legal or estate agent fees OK Property may be able to offer you a solution. We always act in your best interests and your confidentiality will always be our top priority.
Even if you have mortgage arrears, OK Property can stop repossession proceedings by guaranteeing to the mortgage lender that we will buy the property. Whether arrears or repossession. We can help but there is a cut off/no going back point for lenders to save your property from being repossessed, so please speak to our team today.