Jan
29
29/01/2009
The Nationwide Building Society has released figures showing that house prices continue to fall in 2009, although the rate of decline has slowed. In January, prices dropped a further 1.3%, whereas December’s fall was 2.5%. This is the 15th consecutive month of decline in the property market, with the cost of the average home now standing at approximately £150,000.
Low prices and the lowest interest rates on record should add up to a buyers’ market yet there is continued reluctance to make a move amongst buyers at all levels. The chief factor in this reluctance appears to be uncertainty about the future. As job cuts, company bankruptcies and redundancies increase, even those in relatively stable employment are likely to adopt a cautious approach to taking on long term financial commitments.
Adding to the pessimism are findings from fiscal studies and financial bodies. The International Monetary Fund (IMF) says that the world economy is facing a deep recession from which it is unlikely to recover before 2010, and goes further by saying that recovery even at this point is highly uncertain with much dependent upon financial policy decisions by world leaders. It is hardly surprising, therefore, that even the most financially stable family feels under threat.
Meanwhile, there is little sign that mortgage lenders are slackening their restrictive policy on loans and, at a commercial level, the banks remain reluctant to lend to each other thus stifling activity within the economy as a whole. Until confidence returns to the markets it is difficult to see how changes will filter through to homeowners.
Caught in the midst of this are families who must sell their home for reasons such as redundancy, job moves, family commitments, financial problems, ill health, etc. Those lucky enough to have attractive properties in sought after locations will probably still be able to sell, although maybe not at the price they would wish to achieve. But what about the properties that are less desirable – what options are available to their owners?
As the recession worsens, Property Rescue maintains its offer to buy homes regardless of their condition or location. The valuation they make for your home may not be at today’s market rate but in a falling market to know that your house has a buyer is a very attractive proposition and a welcome discovery for anyone trying to achieve that elusive sale. Property Rescue will give you a free valuation on your home, which you can then choose to accept or decline. If you decide to go ahead, the sale will be guaranteed once the necessary paperwork has been signed; no last minute collapse of the sale, no broken chain and no possibility that you will be left high and dry without a buyer.
More information is freely available from Property Rescue. Call them today for an informal chat in complete confidence.