The ONS figures also showed that while first-time buyers paid more than in March 2011, as the arrival of the end of the stamp duty deadline increased demand, those who were selling and moving paid 1.6% less for their new property.
From March 2012, it appears that the Office for National Statistics (ONS) has seen the average prices paid for a domestic property across the UK by first-time house buyers was around £170,109, whilst former owner occupiers had originally paid an average property price of £257,650 across the UK previously to this.
Regardless of house prices and the peaks and troughs of the UK property marketing it is possible to sell your home regardless for cash and extremely quickly.
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New research has shown that average property prices in the United Kingdom are 86 times higher now than in 1952 when the Queen, who celebrates her 60th anniversary this year, came to the throne.
The research from HSBC reveals that the average property was priced at £1,891 at the start of the Queen’s reign compared to an average £162,722 today.
The number of properties across the United Kingdom has almost doubled since 1952, with 14.1 million at the start of the Queen’s reign, with an estimated 27.3 million. However, the number of new homes being built each year has fallen by 46% from 248,320 in 1952 to 133,840 according to the latest estimate.
Latest government figures for unemployment and home repossessions are at an all-time high whilst businesses and individuals are further squeezed by crippling fuel bills, rising food prices and increased monthly overheads.
More people are facing bankruptcy, redundancy and cash flow issues and most homeowners do not know that there are still options available to them to ensure they’re able to quickly turn their homes into cash by selling to a cash property buyer such as us at Quick Buyers.
So quick house sales through the traditional method of high street estate agents because of the sluggish housing situation and lack of buyers.
If you are one of those homeowners who urgently need to free the equity in their property via quick house sales then at Quick Buyers we can help you move your property fast, hassle free and without paying fees to do so.
In most situations we are able to give you an offer on your property within 24 hours and we are often able to complete the entire transaction within 4 – 6 weeks.
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.
A recent report from Rightmove highlights that the impact of changes seen in the residential housing market has now forced a high number of homeowners to downsize their properties due to lack of affordability. In fact, the recently published Rightmove report shows that the number of houses up for sale on the UK market right now is due to people needing to downsize their homes and this almost completely dominates the entire seller market. Some 40% of sellers are looking to trade down, with only 25% hoping to trade up on their homes.
Rightmove have said that the downsizing trend is putting a cap on house price rises. Though, London is the only exception due to the high concentration of equity rich buyers – many of them being from abroad and seeking a safe haven investment.
Its’ April report says that market indications point to a loss in the normal traditional spring momentum with the expiry of first time buyer stamp duty exemption in March this year considered to be a catalyst to this.
The data also says that overall market volumes look set to remain subdued in 2012 as the motivation of new sellers to come to market has stalled too, with new listing numbers down by nearly 10% in May compared to April.
According to a report by leading housing experts, ministers are failing to tackle the housing crisis, with not enough new homes are being built, which has led to rising rental levels and an increase in homelessness and overcrowding.
The report, compiled by the National Housing Federation, Shelter and the Chartered Institute of Housing, highlights areas where the coalition is in charge of deteriorating housing conditions. It has revealed that, although there has been a small increase in new builds, the 109,020 completed homes in 2011 is almost 40% below the 2007 peak of 175,560 – this is less than half of the number that the government admits would be required annually to meet demand.
This has led to knock-on effects meaning that people with less expendable cash are finding it harder to afford the rising combination of increased rents and decreasing benefits that have made housing less affordable.
Understandably, this situation has also had a knock on effect to those seeking a fast house sale through the normal method however, as cash property buyers we make this possible simply click here.