UK house prices slide slowing down homeowner’s plans to sell house quickly
Britain’s average house price fell to £162,228 last month from £163,822 in December, when prices also fell 0.2%. The annual rate of house price inflation was dragged down to 0.6% from 1% because of this.
Nationwide’s chief economist, Robert Gardner, has said that he is unsurprised that house price growth has slowed down.
“Given the challenging conditions prevailing in late 2011, with the UK economy contracting in the final three months of the year, it’s not surprising that house price growth softened at the start of 2012,” said Mr Gardner.
Despite the falling house prices, there has still been a low buyer-demand with first-time buyers, in particular, struggling to find the deposits asked for. Those buying houses are often required to provide a 20% deposit, a 50% rise on the 10% that was needed in 2008.
Nevertheless, affordability has improved on some measures thanks to low interest rates, according to Nationwide – good news for those looking to sell house quickly.
Homeowners cut sale prices by record amount as they enforce the seller message “Buy my house now”
Across the UK, there has been a cut of 7.5% off average house prices. Out of ten sellers, four had cut the prices of their houses in order to drum up some interest from potential buyers.
The average asking price of £261,067 was given the price cut of £19,600 – the biggest drop ever recorded, according to online property experts.
The reductions mean that desperate sellers have knocked off a grand total of £2.5 billion off their house prices in order to generate a situation where sellers can ask; “Buy my house now for a quick cash sale”.
Over the three months to January, house prices fell by 0.9% compared to the previous three months before. Over the month of January there was a slight rise in prices, however, economists predict little change in the market. Howard Archer, chief UK and European economist at IHS Global Insight, expects prices to fall by 5% in 2012.
“We suspect that low wage growth, rising unemployment and persistent concerns over the economic situation and outlook will limit potential buyers and weigh down on house prices,” said Mr Archer.
First-time buyers need bigger deposits slowing down ‘sell house quickly’ market
According to Nationwide Building Society, first-time buyers are typically required to provide a 20% deposit when buying their home. This has doubled when compared to 2008, when those interested in buying a home were only required to find 10%.
Robert Gardner, Nationwide’s chief economist, claims affordability is part of the problem, especially for first-time buyers.
“The weakness in buyer demand is partly a reaction to the uncertain outlook for the economy, especially the labour market. But affordability is also part of the explanation – in particular, finding a sufficient deposit,” Mr Gardner said.
Despite this struggle for deposits and the slowing down of the ‘sell house quickly‘ market, Nationwide have said that affordability has improved on some measures due to low interest rates providing welcome relief. This has allowed the sale of properties to become much easier in a time of difficulty.
Since 2007, initial mortgage payments as a percentage of take home pay have fallen to 31% from 46% for a first- time buyer borrowing with a 20% deposit.
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