Nationwide Property Buyers Reports Increase in Seller Activity As Prices Dip
Manchester, UK – Nationwide Property Buyers, a company that buys houses from sellers who need a quick transaction, is reporting an increase in seller interest as prices dip relative to early 2010 levels.
Manchester based Nationwide Property Buyers has reported seeing an uptick in the interest it is receiving from property sellers, which coincides with the fall in the property values. The downward movement in property prices has run contrary to almost everyone’s expectations that prices would continue its upward trend, or at the very least stabilise for some time. Potential clients seeking to sell property fast are turning up in droves, visiting Nationwide Property Buyers’ internet sites to determine what they can get for their houses.
It appears that the housing recovery may not have arrived after all, despite the strong 2009 finish, whose momentum seemed to have fueled a continued rise in housing prices during the early parts of 2010. House prices have begun to drop for the first time this year, and the turnaround happened right around the month of July. For many, the hopes that accompanied the year long uptick in house prices are beginning to deflate, as the return to a buyers’ market in the industry threatens not only the industry itself, but also the fragile economy which has yet to demonstrate any measure of stability.
The Royal Institution of Chartered Surveyors (RICS) reported that they expect the softer trend to continue through the second half of 2010, a forward-looking statement that does not bode well for the market. Independent surveyors reporting that house prices have fallen vis-à-vis the previous two months outnumber those that report an uptick in prices, by a factor of more than two to one. On a seasonally adjusted basis, RICS reported a negative balance of -8, quantifying what many already suspect, which is that house prices have begun a march downhill.
With anxious sellers flooding the market, and reticent buyers shying away from deals, housing prices appear headed for a prolonged downturn, until such a time when an external factor intervenes to turn buyer sentiment around and arrest the downward trend. Estate agents have been reporting that the few interested buyers have been having a hard time securing mortgage financing, contributing to the malaise in the housing market.
As the number of people viewing to people making offers decline, the market will continue to shrink, and optimists are now pinning their hopes on perhaps a flat year-over-year figure. It is a Rubicon of sorts, which when breached may lead to a precipitous decline from which recovery would ultimately be a protracted affair. Having witnessed the difficulty of the 2008 housing market, it is understandable that many in housing market fear the inevitable, particularly as the government is running out of mechanisms to prop up the economy.
“Some of our potential clients are looking at the market and thinking that the uncertainty of the future means that I’d better get out now while I can, and cash out on the house while the prices are still decent,” notes Kez Nasir of Nationwide Property Buyers. Indeed, the sentiment among motivated sellers seem to be that prices will decline more and stay depressed for quite some time before it has a chance to rebound again. It appears that the uncertainty of when that rebound might occur, and how much of the lost value might be recovered, is driving property owners to businesses such as Nationwide Property Buyers, to investigate the possibility of selling today. “Sell my home fast is the sentiment shared by many prospective clients,” Nasir adds.
Nationwide Property Buyers is a specialist property buying company that helps home owners sell their houses quickly by buying properties directly for cash. It buys houses from people who need to sell quickly due to any number of urgent personal circumstances.
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- Kez Nasir
- Nationwide Property Buyers
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