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Property experts widely believe that the UK housing market is set to slow considerably or fall in 2008, with some analysts predicting falls of up to 10 per cent of a house’s current market value. And that makes getting a fast house sale essential for anyone selling now.
The comments of investment bank Morgan Stanley's chief UK economist, David Miles, have been widely reported. At the start of December 2007 he announced that he believes house prices will fall by 10 per cent during 2008 – with more gloom to come for homeowners in 2009.
The Daily Mail pointed out that, if true, "That would be the biggest full-year decline since records began in 1969. A drop on that scale could plunge thousands of people into negative equity and recall the worst days of the recession of the 1990s."
Fast house sale more important than usual
The news is particularly relevant to anyone wanting a fast house sale now. During a rising market, delays in house sales can have little financial effect for people in house sale chain, because the loss incurred by a delay in selling is more than compensated by the gains made by the delay in buying the – usually larger and more expensive – new home.
This situation would be reversed if the housing market were to slump, though. A 10 per cent drop would mean that a house valued at £150,000 could feasibly sell for £135,000 this time next year.
Fast house sale could save £385 each week
A £15,000 lower asking price is equal to a loss of more than £40 a day. Add the extra year's worth of mortgage interest that would accrue between now and then – about £15 per day, even if the mortgage only had £100,000 outstanding – and waiting a year to sell your house could be equal to throwing away around £385 a week, or a year's salary.
Even if a 10 per cent drop would still leave you sitting on a tidy profit, that's a lot of money in anyone's book. It makes a fast house sale critical for anyone thinking of selling their home now.
Get a fast house sale with The Smarter Choice
The Smarter Choice is a company that's dedicated to helping you to sell your house. We're available 24 hours a day, seven days a week, and we try to ensure that you get a written valuation for your property within 48 hours of your enquiry. We offer a guaranteed, stress-free sale for a fair cash price. Call us FREE on 01632 960543 now or use our online enquiry form and we will get in touch with you as soon as possible.