| Housing Market |
20-May 08 @ 09.18 AM |
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Following the release of the RICS survey today, Peter Bolton King, Chief Executive of the National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), said:
"The report reflects our own take on the market: The house prices falls that are taking place are modest and the picture is still patchy with some areas of the country finding it tougher than others.
"There is no denying that the credit crunch has affected confidence in the market - especially first time buyers who are finding it hard to find financing to get on the ladder - but it is still important to remember that the underlying factors that support the property market remain: low unemployment, historically low interest rates and a pent-up demand for houses. Therefore, rather than a dramatic fall that some doom and gloom merchants are predicting, it shows we are looking at a return to a more steady market rather than the fantastic price hikes we have seen in the previous 10 years." |
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| Home truths from Raine and Co |
16-May 08 @ 09.40 AM |
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If current media reports are to be believed no one is currently moving house. However, figures from Home Sale Network show that people are still buying and selling property.
With over 750 offices nationwide, collectively the Network has over 9900 homes on its books at present which are either under offer or sold subject to contract. Clearly many people are still buying and selling despite the gloomy picture being painted about the state of the housing market.
Michael Marsh, Director at Raine and Co, Home Sale Network’s local representative, said: “There is a lot of negativity about the property market and there seems to be more bad news reported on an almost daily basis. However, the reality is that there is still movement. Properties are selling more slowly than at the height of the housing boom but a realistically priced property still generates interest from buyers. We have over 15 years experience of the local property market and can advise buyers and sellers on how to make the most of their home in the current financial climate.”
For buyers there is a good stock of available properties affording plenty of choice when it comes to investing in bricks and mortar. Equally, vendors setting a realistic and accurate price will always generate interest and attract buyers. The price vendors should expect to get for their home might be lower than they would have predicted six months ago. However, the price of the property they then purchase is also likely to be lower.
Richard Tucker, Home Sale Network’s managing director commented: “Home Sale Network was established as a positive response to the state of the UK housing market in the early 90s so we have experienced the ups and downs of the market. Currently, the Network is handling over £2,400,000,000 in agreed property sales, clearly demonstrating that there are still buyers and sellers out there.”
Tucker continued: “The current market is different from the decline in the early 1990s where interest rates rose quickly to 15 per cent, leaving many homeowners without sufficient income to cover their mortgage repayments.”
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