Their has been a drop in house prices of £1,400 in July as a result of a deepening downturn in the property market and property values falling at their fastest yearly rate for three years, according to Nationwide.
Prices have dropped by 0.7 per cent in July, being down 2.6 per cent from a year previous. Nationwide say this is the severest annual decline since 2009.
The average home is now worth £164,389 in comparison to December 2011. The Chief economist for Nationwide said: “the weaker price trend observed in recent quarters is unsurprising, given the disappointing performance of the wider economy.
“Against this difficult economic backdrop, it could be argued that UK house prices have shown resilience. While prices are currently 13% below their 2007 peak, this is less than the declines seen in a number of other economies that have experienced similar or more robust economic recoveries.”
It is not surprising that many homeowners are finding it difficult to sell their homes through the regular channels and turning to a property buyer to make a quick house sale, is becoming an increasing trend as a result of this severe economic downturn.
The need to downsize to a more moderate home as a result of redundancy, debt and financial uncertainty, has made it necessary for many people to sell their house quickly and use a registered property buyer to achieve a quick cash sale. In today’s stagnating housing market it can often take months through the normal channels to make a sale and as time is often a pressing factor, especially regarding repossessions, making a quick house sale through a property buyer, is now the most viable option for many who are feeling the pinch.