'Weak' outlook for 2008 says National Homebuyers

Many people may seek a fast property sale after Nationwide revealed that it expects house prices to falter throughout 2008.

[ClickPress, Tue Feb 12 2008] The bank's senior economist, Martin Gahbauer, told BBC Radio Four's 'Today' programme things are not looking good for the housing market.

He admitted that things are already pretty bad and seem set to get worse within the next 12 months.

His comments are likely to lead to a surge in people seeking a fast property sale, as homeowners attempt to get as much money for their properties as possible.

"Certainly the market has entered a very weak phase over the last three months, and that was confirmed by the mortgage approval figures… which went below the trough we saw back in 2004," said Mr Gahbauer.

"That suggests that prices will have a fairly weak period in the months ahead.

"Certainly on the demand side market conditions are looking fairly weak," he continued.

Nationwide recently revealed that house prices fell by 0.1 per cent in January.

Julian King of fast property sale leaders National Homebuyers says, "Homeowners may seek to find a quick sale of their property, something that selling on the open market [through an estate agent] will not afford them.

"If a fast property sale is needed to prevent any further loss in value, then we strongly advise the consumer to use a reputable national property buyer to avoid the less scrupulous operator in our unregulated industry".

Mr King is a director of National Homebuyers and is also a founder member of APBA, the Approved Property Buyers Association, which is calling for government regulation of the Quick Property Sale and Sell and Rent Back industries.

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