Fears Grow As Sales Expected To Plummet
The Royal Institution of Chartered Surveyors have recently released the results of a survey conducted amongst its members in regard to the future of the property industry, and the results are not encouraging.
When valuing homes, surveyors have to take many factors into consideration when they provide what they consider to be accurate sold house prices. This includes not only a thorough on-site home inspection, but also a list of comparatives in similar socio-economic areas that reinforce their decision.
However, over the past year confidence in the value of homes has dropped significantly, forcing homeowners to reconsider their willingness to sell, or risk losing a substantial amount of asset wealth.
With sales dropping, many within the industry agree that it is a buyer’s market, as there are always people who need to sell their home fast. But due to a lack of consumer confidence over the decision to leave the EU in 2016, fewer buyers are willing to part with their money unless they receive a substantial discount.
When these factors are combined, we as a country may be on course to endure a major market slump the likes of which many alive today will have ever seen. And this is backed up by the survey carried out by the RICS which found that almost a third of its members believed that the number of sales across the country are more likely to fall, than rise over the next three months.
The beginning of spring is usually the perfect time to place a home on the market due to the longer days and warmer temperatures. However, with a lack of rational forecasts as a result of the upcoming Brexit deadline, many prospective sellers are choosing to delay their decision until the dust has cleared.
Analysing the data in greater detail, it appears that the only region of the UK that is estimated to enjoy a growth in sales (2%) over the next three months is the north west, thanks to continued investment by large companies seeking cheaper ground rent. In contrast, areas such as London and the south east are likely to see a staggering fall in sales of over 40%.
This forecast has been declared as the worst since 1999 by those within the industry, with Scotland, Northern Ireland, and Wales also expected to see a sharp decline.
So, what can people do if they need to sell fast if there are fewer buyers in the market place? Well, they can always contact National Homebuyers who are experts in processing expedient and efficient house sales for cash, most of which are finalised in as little as two weeks, allowing vendors to sell their homes before the lose any more value.
Worried that your home may lose value? 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.