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Housing Hysteria- What do the newspaper reports really mean?

SecureASale’s Tim Jackson cuts through all the vastly diverse market percentage reports to keep it simple…

“The market has 10% further to fall”-The Telegraph (09/02/09). “House prices have already hit the bottom” -Daily Mail (21/02/09). “Average sale prices rose 2%”-The Times (05/02/09). These are all statements taken from recent news articles.

As a casual observer, it can be close to impossible to know where the truth lies, who’s right, who’s wrong and who’s just looking for a good story.

My take on the market is very simple.

Demand has fallen dramatically due to the economic downturn and the structural lack of available credit from the main banking institutions. At the same time, affordability has increased even more as the Bank of England has slashed base rates to an historic low of just 0.5%. This means that for those who can get credit, monthly mortgage payments are likely to have more than halved in the past year.

In addition, we are now finally seeing the banks begin to slowly boost their lending of cash for homes with an increasing number of competitive mortgages on the market, some of which only require 10% deposits.

What does this mean?

It means that, despite a general lack of confidence from buyers in the housing market, the increasing availability of credit ensures that for the next few months at least, the pent-up demand from buyers unable to get mortgages over the last year can be serviced and we will see a mini-bounce that should last into the summer.

My view is that once this demand has been met, the movements of the market will be decided by general macro-economic factors such as the depth and length of the recession and the number of workers without jobs.

In essence, it would seem that now is as risk-free a time as any to sell while there is a quantum of stability in an otherwise volatile market. In the same way few predicted the scale of the housing crash in 2008, it would take a brave soul to second-guess the market any time past the next few months.

My Advice

If you need to ‘sell my house fast’, then now is the least risky time to do so. There are more buyers about, greater access to finance and less panic in the financial world so take advantage.

If you’d like further advice on cash for homes or if you’re worrying about ‘how can I sell my house fast?’ Contact SecureASale today for impartial advice on 020 7117 6001.