Property News > Property Market Round Up

Property Market Round Up

As we approach the end of the year it is a good time to look back at the property market during 2007 and look at the current situation.The year began with what had become a familiar trend of rising prices, which, it seemed, would go on for ever. But it was not long before some commentators and financial experts were warning of potential slowdown or even disaster in the months and years ahead. The credit crunch in the US sent shivers through the economy, the effects of which are still with us today and likely to continue for a while yet, whilst bank interest rates rose and mortgages followed suit. By mid year we were seeing a general slow down in property prices all across the country and in the final quarter of the year prices have begun to fall.November saw a 1.1% drop according to the Halifax - the 3rd consecutive month of falling property prices. The Bank of England lowered its interest rate by one quarter of a per cent at its meeting in early December but the effects of this rate cut seem to be limited. Lending between banks has become very expensive and the Northern Rock crisis has done nothing to bring confidence back to the markets.As if this weren't enough, some commentators are predicting that the change in capital gains tax rules, due to come into force next April, will bring a lot of 'buy to let' properties back on to the market as investors seek to capitalise on their gains. The net result of this could be a 'buyers' market where the number of homes for sale pushes prices down. If this prediction is realised, those who took out mortgages during 2007 could find themselves in negative equity situations.If you need to sell your home fast but can't find a buyer you might, justifiably, be concerned about what will happen to the market in the months ahead. For a guaranteed quick sale speak to Property Rescue, who will make an offer on your home within a matter of days, or in some cases just hours. The price they offer will be a little below market value but it will include the legal fees on your sale, and will avoid the need to prepare a Home Information Pack, which could save you hundreds of pounds.Property Rescue will be happy to talk to you in complete confidence and make a 'no obligation' offer on your property. If you then decide not to proceed that will be the end of the matter - no salesmen will call, nor will you be pestered by phone calls. Talk to Property Rescue and sell your property…fast!As we approach the end of the year it is a good time to look back at the property market during 2007 and look at the current situation.The year began with what had become a familiar trend of rising prices, which, it seemed, would go on for ever. But it was not long before some commentators and financial experts were warning of potential slowdown or even disaster in the months and years ahead. The credit crunch in the US sent shivers through the economy, the effects of which are still with us today and likely to continue for a while yet, whilst bank interest rates rose and mortgages followed suit. By mid year we were seeing a general slow down in property prices all across the country and in the final quarter of the year prices have begun to fall.November saw a 1.1% drop according to the Halifax - the 3rd consecutive month of falling property prices. The Bank of England lowered its interest rate by one quarter of a per cent at its meeting in early December but the effects of this rate cut seem to be limited. Lending between banks has become very expensive and the Northern Rock crisis has done nothing to bring confidence back to the markets.As if this weren't enough, some commentators are predicting that the change in capital gains tax rules, due to come into force next April, will bring a lot of 'buy to let' properties back on to the market as investors seek to capitalise on their gains. The net result of this could be a 'buyers' market where the number of homes for sale pushes prices down. If this prediction is realised, those who took out mortgages during 2007 could find themselves in negative equity situations.If you need to sell your home fast but can't find a buyer you might, justifiably, be concerned about what will happen to the market in the months ahead. For a guaranteed quick sale speak to Property Rescue, who will make an offer on your home within a matter of days, or in some cases just hours. The price they offer will be a little below market value but it will include the legal fees on your sale, and will avoid the need to prepare a Home Information Pack, which could save you hundreds of pounds.Property Rescue will be happy to talk to you in complete confidence and make a 'no obligation' offer on your property. If you then decide not to proceed that will be the end of the matter - no salesmen will call, nor will you be pestered by phone calls. Talk to Property Rescue and sell your property…fast!

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