Everything that is related to the property market is in a state of mess currently. Whether it is figures pertaining to new home building or mortgage lending or even property sale, almost everything is on the decline. The soaring property prices are making things all the more difficult for property buyers. In fact, according to the latest figures shared by property experts and analysts, the average property price now stands at £204,981. In the wake of economic instability, it will only get difficult to hunt for potential property buyers. Read further to find out what has caused the property market to turn gloomy and why you shouldn't consider a quick property sale at the moment.
Rising Unemployment
As far as the UK unemployment level is concerned, it is at an all time high. The unemployment figure in the UK has increased from 2.57 to 2.6 million for the months of October to December 2011. The fact that people are not sure whether their job is secured or not and it is further causing them to lose their self-confidence. This in turn is affecting their buying decision as they do not know whether they can afford to buy a house or not. Therefore, if you are looking for a quick property sale, you will have to wait for the right time or sell your property for a lesser value that the prevailing market price. Those who need a fast home sale are not finding the right kind of buyers and the couple of buyers who are showing a certain amount of interest are not committing when it comes to buying property. More and more property buyers are claiming for job seeker's allowance and this year will be no different as it will bring more financial concerns along with it.
Uncertain Mortgage Outlook
People who are buying property for the first time are not getting mortgage from lenders. In fact UK's gross mortgage lending stood at £11.7bn in the month of December 2011. Given that a mortgage is not available easily, even home builders are finding it difficult to construct new homes and buildings. On the other hand, even the scenario around mortgage payment is not too good. More and more people are facing problems in paying their monthly bills, simply because they have lost their jobs or their financial position is not too good. Therefore, unless home builders, mortgage lenders and government do not come together to devise an insurance scheme, the existing mortgage situation will only discourage buyers and those who need a fast home sale.
The best way in which you can achieve a quick property sale is by consulting professional and expert property dealers and estate agents. They can offer assistance, guidance, advice and can consultation that will give you the perfect opportunity to garner the best price for your property.
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