RSS FeedsRightmove warns Homeowners in the UK must face Reality
26/03/2008
Rightmove revealed earlier today that homeowners need to face up to the reality when they put their houses on sale on the market according to the property website. Homeowners are not being realistic and are not taking into account the current UK credit crunch.
Rightmove suggests that homeowners need to consider the current economic situation and prices that placed close to the boom last year are not realistic in todays housing Market. Homeowners should reconsider if they want things to get moving in the right direction.
An added factor to some of the difficulties are some people are not able to get mortgages, so Rightmove has asked the Government to help by strengthening the funding markets to try to help ease the current credit crisis.
According to reports earlier today though homeowners are asking for prices not far from the boom house prices from last year, homes are actually being sold for 10% below those prices. This again suggests that the gap of what homeowners want for their properties and what buyers are willing to pay is widening.
The commercial Director of rightmove Miles Shipside said "Most sellers coming to the market seem to be ignoring the increased competition from other unsold properties and the challenge buyers now face in obtaining a mortgage.
As many of these sellers are likely to be buyers themselves, they seem to be trying to bank a higher figure for their home but want a bargain when they buy. It's human nature, but in the current market, sellers should price below their competition to achieve more interest now and avoid a larger price drop later in the year."