Will UK Property Prices Bottom Out In 2009?

Up to now, even the shared attempts of the Chancellor of the Exchequer, the Prime minister and the Governor of the Bank of England have failed to stop the terrible losses in the UK’s housing market.

uk properties

This is shown very vividly by the fact that house values are now at their lowest level since 1978, with actual house sale prices plummeting twenty-five percent below their May peak. Undeniably, it has been reported that the typical house in the UK has lost one hundred pounds off its value every week throughout the present year. In addition, the number of new houses finished or under construction in the present year plunged to an 85-year low, the whole of this comes when U.K. household debt is at a 13-year high.

According to some pundits, because of the above data, it’s predicted that U.K. house values will fall by a further 10% throughout 2009, and it’s then believed we’ll begin to see values in 2009 at levels that persuade cash rich and mortgage ready buyers to re enter the market in great numbers. However, we should temper such guarded optimism by remembering that the very people who made the above predictions, also predicted that U.K. house values would at worst stagnate in 2008

So what does all this mean if you want to Sell your House or property in uk? Well to start, do not expect to sell your house fast unless you’re prepared to discount it heavily from the already low market value. Nor should you expect to Sell your House for a high value, and remember that we mean high by present market standards, not those of one or two months ago, and certainly not those of a year ago!

It’s true that there more Home Buyers coming into the market right now. In fact throughout last month, the Royal Institute of Chartered Surveyors reported a 14% rise in enquiries for house Sales. However you should keep your expectations reasonable and remember that it's a buyers' market.

If I wanted to Sell my House right now, I would still follow all the house preparation help in those how to Sell your House guides, but then, my approach would change according to why I wanted to Sell my House. For instance, if you want to Sell your House to re-locate, then going to one of those fast Home Buyers will ensure you a very rapid cash sale, and although you’ll have to give a hefty discount, you’ll then have all the Cash Home Buyers power yourself, and therefore you’ll be able to negotiate from a position of real strength, and so get back a lot of what you “gave away” to sell your own house.

On the other hand, if you’re looking to downsize or realise an investment, then you’re just going to have to prepare your house to the nth degree, and attempt all the imaginative promotion methods you can think of. Then you’ll just have to be very patient and very reasonable about how much you expect to get when finally sell your house. If you can perhaps hang on to the end of next year, the chances are things will not be worse than at the moment, and could even be a lot better.

  • House prices fall 0.6%, says Halifax

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