Fast Property sale - house prices to fall by £20,000 say National Homebuyers

Homeowners will lose an average £20,000 from the price of their homes by next Christmas, new industry predictions indicate.

[ClickPress, Thu Jan 03 2008] Accountants Grant Thornton said house prices will fall by an average of ten per cent over the year and this will reduce the value of the national housing stock by a combined £400 billion.

Senior tax partner at Grant Thornton, Maurice Fitzpatrick, told the Daily Mail: "It appears that house prices hit their peak in August. We can expect a fall of three per cent by the end of 2007, followed by a further fall of seven per cent in 2008.

"This would wipe £400 billion off the value of UK residential property or an average of £20,000 per household."

He added: "The value of a person's home is crucial in terms of the psychology of personal and financial well-being. Just as rising property prices promoted a feelgood factor and spending, so falls could have a powerful opposite effect."

However, the predicted fall in prices could be good news for first-time buyers and Halifax chief economist Martin Ellis said: "A more subdued housing market over the next few years is a positive step for potential new entrants."

The news will be a blow to homeowners in financial difficulty, says National Homebuyers. "Homeowners in distress should consider a fast property sale in a bid to avoid repossession" says director Julian King.

"The housing market is sufficiently unstable to increase the number of repossessions this year. Homeowners facing or predicting a difficult financial period should act now to avoid losing their home.

"Various mortgage rescue schemes are available and National Homebuyers' Sell and Rent Back solution allows the homeowner to release equity in their home and remain living there as a tenant. We have many options available that suit homeowners' needs".

National Homebuyers are the UK's leading quick house sale company that guarantees to make an offer on any UK property, regardless of its condition or location. The company are the UK's leading provider of mortgage rescue schemes.

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