UK Home Sellers Need To Reduce House Prices
The Nationwide report that consecutive house price rises in the UK is not sustainable while many pundits feel that they are actually unwelcome.
The UK housing market is seeing house price rise after house price rise and is deemed by Nationwide as unsustainable. Home owners are benefiting from property values the same as those in 2008. House prices have risen by 4% in the last 3 months. This news is not serving to kick start the market.The average house is worth £161,816, Nationwide’s figures show. Crucially, mortgage approvals are climbing again after a year of savage retrenchment by battered lenders.
Savills estate agents are taking a cautious approach, hedging their bets on what happens in the economy! They predict 2009 prices will finish 7% down year-on-year (ranging from a 6% fall in the South East to a 12% fall in the North East). During 2010 they expect prices to fall in the UK by 3% (ranging from a 2% fall in Scotland to a 6% fall in Wales).