Homeowners need to find a ‘sell house fast’ service as economy’s conditions cause falling house prices
The annual rate of house price inflation has been dragged down to 0.6% from 1% due to the fall of Britain’s average house price fall.
The average house price fell from the £163,822 in December – when prices also fell 0.2% – to 162,228 last month.
This has come as no surprise to Nationwide’s chief economist, Robert Gardner, who has mentioned the “challenging conditions” for the UK economy as a key reason.
“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.
There is still a low buyer-demand despite the falling price of houses. In particular, first-time buyers are struggling to find the deposits that have been asked for.
Since 2008, the initial deposit required for buying a house has risen from 10% to 20%. However, according to Nationwide, affordability has improved on some measures with the help of low interest rates which are ideal for those who want to sell house fast.
February 23, 2012 at 10:44 am | Sell House Fast, Uncategorized |
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