RSS FeedsUK housing market takes a drop but creates opportunities for new buyers
23/01/2008
With recent declines in the house price market the UK has been faced with yet another drop. Even though the housing market has seen this fall for the last three months it seems that this has created opportunities for many.
With the introduction of Home Information Packs know as HIPs many people who are looking at selling there home have done so as quick as possible to avoid the completion of HIPs, therefore this has resulted in dragging down the average cost of a house.
Figures suggest as much as a £2,000 reduction on the average selling price can be expected within England and Wales.
Factors such as slow house price increases and a drop in house price inflation to a record low of 3.4 percent since December 2005 have all had severe impact on the UK housing market.
With the average cost of houses at a low, the market has opened the door to many homebuyers and created a fair amount of interest in properties with a view to grab a property bargain.
Accordiing to Miles Shipside, the commercial director of Rightmove, he said: “Some homebuyers are now able to find properties that have fallen into their affordability zone, and are bagging what they see as bargains against previous prices.
Homebuyers have seen that due to these favorable changes they are able to make savings of approximately 10 per cent.