Regions of England and Wales see property prices slump
According to a recent report there have been house price falls in all regions of England and Wales, and officials from the Royal Institute of Chartered Surveyors have stated that in some areas house prices have been falling at their fastest pace since records began in 1978. Amongst the areas suffering the worst declines on record are Yorkshire and the East Midlands, state officials.
Industry professionals have stated that some homeowners who are trying to sell their homes are suffering a double whammy, as many have seen the value of their properties fall but due to increased difficulties in selling are also having to put up with lower offers from potential buyers. Amongst the reasons why more properties have been left on the market for longer are lack of affordability for fist time buyers and increased wariness from buyers that do not want to get stuck with a property that could lose value again in the near future.
An industry professional recently stated: ‘Sellers are having extreme difficulty finding buyers. The market is just not performing as it should be as we approach the prime selling months.’ Although many through that falling house prices would prove to be good news for first time buyers, who have struggled to get onto the property ladder for some years, many are still unable to get a mortgage due to the high level of deposit that some lenders are now asking for.
Another report has shown that the level of unsold properties sitting in the books of estate agents around the country is currently at its highest in ten years, reflecting further problems in the housing and mortgage sectors
Recent additions:
- Industry expert predicts 20% fall in house prices over two years
- Crippling mortgage rates for first time buyers with no deposit
- Impressive figures on buy to let mortgages
- Many first time buyers facing soaring mortgage rates
- No change in interest rates for March
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