Housing market struggles says National Homebuyers

The latest Financial Times House Price Index shows that house price growth was subdued in January.

[ClickPress, Tue Feb 19 2008] In the three months to January, prices fell sharply, with drops recorded in November and December.

It means that the average property is worth less now than it was three months ago, potentially leading to more people seeking a fast property sale.

Perhaps most worrying is that London has now been pulled into the house price crisis, according to the firm behind the index Acadametrics.

"Given the significance of London in terms of impact on the market as a whole and especially in the south, the weakening in the capital’s housing market is notable, albeit from a very high base," Peter Williams, chairman of Acadametrics, told the Financial Times.

He also pointed out that although January saw a very slight rise in house prices (0.1 per cent), the long-term picture is not good.

"House prices in England and Wales increased by just 0.1 per cent in January, which makes three consecutive months of monthly growth either just above or just below zero – the lowest for over three years," he added.

Fast property sale expert Julian King adds, "As the cost of owning a home is increasing as values spiral downward.

"People looking to sell their home should consider a fast property sale, as selling homes on the open market increases in inefficiency, cost and uncertainty.

"Add the cost of a Hips pack, the 2 in 3 chance of the chain collapsing and the fact that properties are going down in value by up to £50 a day in some areas means for many this could lead to futher financial difficulty".

Mr King is a director of National Homebuyers, the UK's leading quick property sale firm. The company does not require the vendor to have a Hips pack in place and completes at a timescale to suit the vendor.

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