Yet again another fall in house prices! Is the doom and gloom in property market ever going to end? The short answer is yes but in our opinion not in the near future and certainly not in 2009. Figures from the major banks did show a rise in mortgage approvals in January but this was still 43% lower than the same time last year.
One of the major problems is that First time buyers are struggling to enter the market with the hefty deposits that lenders are asking for. For example a fifth of mortgage deals needing a whopping 40% deposit. This is compounded by the belief that house prices are due to fall further. So first time buyers generally don't have the deposits and are reluctant to enter a downward spiralling housing market.
With increasing repossession rates this bad news to those struggling financially. If you can't pay off your arrears the only way to avoid repossession is to sell your house fast but in the current economic climate this can be impossible.
According to Nationwide house prices have fallen by 17.6% in the last 12 months. Although there has been seen a slight increase in the level of business at Estate Agents and Property Auctions a full recovery in the housing market is not yet in sight.
Rapid Home Solutions provides home owners with a guaranteed quick house sale. It takes away the stress and ambiguity of the open market and can help people avoid repossession. Those who an accept an offer from Rapid Home Solutions have the peace of mind that in about 4 weeks their financial troubles can be solved.
