Property Rescue Blog

This week the financial commentators have reported on several factors that are hitting the housing market via a lowering of buyer confidence.

• Property prices are slowing almost everywhere and in some areas of the country they are falling.  One of the few locations to buck the trend is the capital where estate agents report reasonable levels of sales against the backdrop of a buyers’ market where the price paid is not always the price at which the property was marketed.  The Royal Institute of Chartered Surveyors has reported a 22.2% increase in the number of its members that have seen a fall in the price of properties they have on their books.
• House prices might be going down but the rate of inflation isn’t, despite the Bank of England’s hold on interest rates last week.  The government failed to meet its target of 1.9% inflation during October, with figures coming in at 2.1%.  Inflationary pressure might just persuade the Bank of England to hold interest rates yet again when it meets later this month, rather than make the cut that the housing market has been hoping for.
• Energy prices are up, as anyone who has recently been to a petrol station will know!  Not so long ago the media – and the rest of us who drive cars or heat our homes with oil – were horrified to think of a barrel of crude pushing through the $50 barrier, but today it looks as if prices will soon reach a staggering $100 a barrel.
• Northern Rock has rocked the market, showing that even the largest financial institutions are at the mercy of global economics.  The sub-prime mortgage market in the US is still in some difficulty, leading to speculation that there may be more problems to come.

Trying to sell a home in this climate isn’t easy.  Attention must be paid to how your property is marketed and your home must be in tip top condition if it is going to attract the attention of buyers and ultimately achieve that longed for sale.  But Property Rescue guarantees to buy your house, regardless of its structural or decorative condition.  They complete sales in super-fast time leaving the seller free to benefit from the ever-growing number of properties on the market.  Although you won’t get the maximum sale price that might be achieved on the open market in ‘good times’, the price Property Rescue quote is what you’ll receive, without additional expenses or a deduction of fees.

The guarantee of a sale in the current property market must be worth a second look.  Give Property Rescue a call to find out more.  They will talk to you in total confidence and there will be no obligation to proceed.

This week figures have been announced that show the first drop in house prices for two years.  Is this the start of a real slow down and is the housing market in crisis?

Northern Rock’s recent difficulties have shaken the market considerably, showing what could happen if the sub-prime mortgage collapse in the US continues to have impact on our own lenders.  It’s not hard to find doom-mongers amongst the market commentators, predicting that we are about to see the biggest slow down since the ‘90s or even that we’re in for a full blown property price crash.

The International Monetary Fund considers UK property to be over-valued by 40%, which is enough to send shivers run down the spine of UK home owners.  Capital Economics, led by an ex chief economist from HSBC, forecasts a 3% fall per year during 2008 and 2009 due to the effects of the global economy and higher interest rates in this country.

Added to this is the effect that Home Information Packs (HIPS) are reportedly having on the market, with some potential sellers being put off from marketing their home until the full effect of HIPS becomes known.

This means that if you are trying to sell your house you’re likely to see a slow down in viewings and may have to drop from your asking price to gain that elusive sale.  For some people this is likely to cause real difficulties – losing the ‘dream home’ they really want, not being able to move to another part of the country thereby necessitating separate living arrangements for a period of time, or even taking out a bridging loan to cover the cost of two properties until such time as a sale can be made.

Property Rescue guarantee to buy your home no matter what the market is doing or what the commentators are forecasting.  Furthermore, the sale will be carried out in super-fast time, you won’t have to pay legal fees or estate agency fees on the property you sell, you won’t have to worry about HIPS as Property Rescue will take care of that for you, and you’ll be free to move on to your next home.

Give Property Rescue a call to find out more.  All calls are in total confidence and there will be no obligation on you to proceed if you then decide to sell your home via traditional routes.