Home Sales UK Statistics For 2008 Published – Prices 16.2% Down Year On Year
January 22, 2009, filed under News and Rumors
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It has been a depressing year for House Sales UK. The market values are around 16.2% lower than they were last year. The average house price is now about one hundred and sixty thousand pounds, down from about �191,000 this time last year.
With those figures in mind, and considering the particularly low interest rates, you would think that increasing numbers of Home Buyers would be entering the market anxious to pick up a bargain. Alternatively, it seems like the only individuals really active in the House Sales UK Market at the moment are the Home Buyers who are entirely buying for investment, a bit of speculation, or those fortunate enough to have enough cash around them to ride out the recession and more.
These types of Home Buyers aren’t seeking a home for themselves; they are actually seeking a reasonably secure home for their cash. They recognise that Deposits in the bank won’t be guaranteed up to the amounts of cash that they have. They also see that they won’t get very much interest at all if they do channel their money into bank deposits.
On the other hand, a growing number of people are searching to significantly reduce their borrowings, and those with a decent level of equity in their house certainly won’t be following the pattern of recent times and borrowing more to buy a bigger house.
Bearing all this in mind, I’m relieved that I don’t need to Sell my House at the moment, because it appears that the only reasonable chance I’d have of selling it would be to one of these corporate or private Home Buyers. These companies will certainly act very quickly, and they don’t stall or change their mind once they have made an offer, then again, they’ll typically offer you only about eighty per cent of the market valuation of your house.
These experienced Home Buyers are working on the estimation that House Sales UK Values are unlikely to drop another 20% before the market bottoms out, and they know they can wait that long before they need to turn their investments back into cash.
I suppose thinking it through if I did want to Sell my House right now, and buy another one straight away, then it might not be a bad idea to call in one of these quick Home Buyers, and agree to the 20% reduction I’d have to give on an already depressed price. At least I wouldn’t need to pay Estate Agent’s or Solicitors’ Fees, and once I’d done the deal I’d be a Cash Home Buyer myself, and I’d be able to negotiate a similar reduction on the house I plan to buy.
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