Are advertised property sale prices still achievable?
As the UK property market continues to head downwards many people are starting to ask the question, "Are advertised property sale prices still achievable?".
While not necessarily published in the open press there is evidence that a number of property sales are under discussion at prices which are significantly less than those advertised in the wider press. Despite a lack of headlines regarding distressed property price sales there are indications of growing uncertainty in the market as the UK economy faces the prospect of a depression in the short to medium term. So do buyers still have the upper hand in the UK property market?
There is no doubt that buyers still have the upper hand in the UK property market, as well as the vast majority of property markets around the world, and this looks set to continue for some time. A lack of available mortgage finance in the property market has significantly reduced competition for houses which are up for sale and therefore impacted upon the position of sellers in the overall market place. The likelihood in the short to medium term is that mortgage finance will slowly but surely become more available but to whom and at what rates is still shrouded in mystery.
The UK government has literally piled billions of pounds into the mortgage market and finance market in general in the hope of reinvigorating the UK property market, although this has been to no avail as yet.
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