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If you need to sell your house in Swindon – house prices are falling

Posted in Housing market, How to sell my house quick | 0 comments

Where are UK house prices heading?

UK house prices have been falling for a while and according to Halifax house values have decreased by 1.7% over past year.

There are pockets of rising values, specifically in London, but overall UK house prices fell by 0.7% over a month for the fourth month running in October

According to economists housing demand has been very weak, with more sellers on the market than buyers. Lack of buyers on the market is mainly driven by the reduced number of people able to get a mortgage.

Banks are not lending which stops people from purchasing property. Bank of England figures show that there were 50,024 house purchase loans approved in September vs a long-term average of more than 80,000 per month. With this reduction in mortgage approvals, no surprise there are no new buyers on the market.

What if you need to sell your house Swindon?

The situation in Swindon is no different. House prices have been falling for the last few years making it harder and harder for people to sell their property.

Land registry report (below) shows that the average house price went down from £127.5  K in October last year to £125K  September 2012.

Same is happening to the house sales. Despite fluctuations overall sales volume trend is going down reaching the figure of 50 last August. House prices and sales go hand in hand: when house prices drop the sales drop as well and as when sales drop, people are forced to reduce house prices.

The situation is also different from area to area:  sales in the centre of Swindon are much more fluent, where some houses on the outskirts have been on the market for many months.  As a result people drop price, go to auctions, in the worst cases houses get repossessed.

So, if you need to sell you house Swindon – prepare for a tough competion with other house sellers for potential buyers.

To your happiness

Dasha