House prices plummeting in England and Wales

 

March 17, 2008

According to a recent report house prices in England and Wales are now falling at their fastest level since 1978, which is when records first began. The report comes from the Royal Institute of Chartered Surveyors, and claims that house prices are now tumbling in every region of England and Wales, partly fuelled by the credit crunch amidst other factors. A number of areas, such as East Anglia, Yorkshire, and the East Midlands, are said to be suffering the fastest decline on record.

This is further evidence that the house price boom that has been seen in the UK over the past ten years has come to an end, and in addition to seeing their property values tumble many homeowners are also finding it very difficult to sell their homes because potential buyers are worried that they could waste money purchasing a property that could decrease dramatically in value very quickly.

One estate agent 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.’ Another industry professional said that the rising level of unsold properties was making it easier for would-be buyers to negotiate lower prices, stating: ‘The build-up of unsold properties will encourage buyers to negotiate lower asking prices.’

An official from Hometrack has stated that it is unlikely that more than 1.05 million homes will be sold this year. Another industry official stated that whilst potential buyers were expressing interest in properties for sale they were offering way below the asking price. The level of properties remaining unsold on estate agency books is said to be at its highest in a decade.

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