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While the Bank of England has faced the dilemma of how much funding assistance to give to the UK markets without allowing backs to benefit directly, this situation is now being replicated in Europe...
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Monday 23rd June 2008
In a move which will send shivers down the spines of the mortgage companies in the UK, Rightmove claim that over 1 million UK homes are currently up for sale. Indeed news that only one in fifteen homes for sale are being sold will further depress the mortgage sector and confirm fears of a long recovery period. However it is the news that over 1 million homes are on the market which will cause most ripples amongst investors.
There appear to be a number of reasons for the massive jump in sale numbers including, the fact that many people cannot afford their mortgages, better bargains in the new property sector and people looking to downsize before they hit trouble. While these are all viable excuses for looking to move home, it is the combined affect which will weigh heavy on the future direction of prices.
Buyers looking at properties would be within their rights to play off sellers in their chosen area to gain the right price, knowing that prices shown in Estate Agent windows are no more than indications in the current market environment. Many sellers are so desperate to conclude sales as quickly as possible that there are signs of serious discounts on offer. |
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