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House Prices Predicted to Fall Soon, So Sell While You Can


Friday 10th October 2014

If you’re considering selling your house or your home is on the market and you’re currently taking viewings, you should be trying to pursue a sale now, as market research conducted by the Centre for Economics and Business Research (CEBR) has found that house prices are likely to fall by a year-on-year rate of 0.8%. This means that if you’re selling a property, selling before 2015 could be the difference between a profit and a loss.

The Recession Through to 2014
It’s not been easy to be a homeowner over the past half of a decade. When the economic crash began in late 2007, it became virtually impossible to sell a property for a profit, and this means that you were forced to either stay as you were – stagnating on a declining property market – or sell at a loss, which directly contradicts the very point of owning your own home.

Thankfully, 2012-2013 became a turning point for the housing sector, and by late 2013 and into summer of 2014, house prices had increased significantly to the point where in July, the average price of a property is £272,000, and in London it has risen to £514,000 – double the national average.

Selling While the Going Is Good
With the above being the case, those looking to sell their homes have had it better over the past year than they have in half a decade. However, things could be about to change. With the CERB announcing that the housing market is about to slow down, now could be a good time to make up your mind if you’re unsure about selling.

Once you’ve sold your house, you’ll need to acquire a mortgage (like those on offer from Saffron Building Society) for your new home – a process that is extremely important in these times of austerity and when house prices are as high as they are.

A Refractory Period Before Continued Growth
However, if you don’t think that you’re going to be able to sell your home within the year and move in that time, it could be safer to hold off on your sale until 2016/17, where it is predicted that property prices are set to start increasing once again.  
In other words, it appears as though 2015 will be a refractory period where the housing market is left to settle for a year, before it once again sets off on the path for growth.

Ultimately though, the bottom line is that if you’re in the position to sell now, do so while the going is at its best.

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Editorial Contact Details - Conor Shilling
0845 672 6000
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