Panic as house prices crash at fastest rate for years

As the UK edges towards the deadline for striking a deal with Brussels regarding it’s exit from the EU, Nationwide has issued a stark warning for the future of the nation’s housing market.

At the beginning of the month, the Office for National Statistics determined that house prices were falling at their fastest rate since the 2008 recession as properties in and around the capital remain unaffordable for all but the wealthiest residents.

This unfortunate news has been compounded by a fresh statement from Nationwide that the sold house price of an average UK property has suffered its greatest single-month fall for six years – losing over £2,200 in value during August.

The knock-on effects from the capital’s stagnant market has seen investors and house-flippers based in the South-East sell up and head north in pursuit of greater profits and lower stamp duty fees.

However, while those areas far removed from London appear to be largely unaffected by the price drops thus far, experts are warning that the closer we get to the March 2019 deadline for a Brexit deal, the more likely we are to see the effects spread across the nation.

This week, the Bank of England announced that there has been another interest rate hike to 2.7% – the highest it has been for over six months, adding further complications to the purchasing process for prospective buyers.

“We suspect that any meaningful housing market upturn will remain elusive over the coming months,” said Howard Archer, the chief economic adviser at EY Item Club.

“The fundamentals for house buyers are likely to remain challenging, and they will not be helped by the Bank of England hiking interest rates.”

While many individuals who are considering selling in the near future will choose to stay in situ until the future becomes clearer regarding Brexit, there are many people who are unable to wait for the situation to be resolved and need to sell their house fast.

As the traditional house-buying process can often take months to finalise, this offers little help for those who need to sell in a hurry. Luckily, more and more vendors are discovering the benefits of using National Homebuyers to gain competitive quotes, and ensure a quick and easy sale – often within as little as two weeks – without the hassle of dealing with an estate agent.

As a result, huge numbers of vendors are in the process of selling their homes via National Homebuyers – before the value of their property falls too far.

Hoping to sell before values fall? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.