Housing Market Looks Soft, It is Hard to Find Property Buyers
Published on May 10, 2012 | Author: Harish
Artificial Boost to House Market Leaves Sellers Begging, Buy My House
The housing market’s recent soft appearance resulted from the ending of the stamp duty holiday. Nationwide reported that when the stamp duty exemption for first-time buyers closed in late March, it became clear how the exemption had boosted house prices artificially in the first three months of 2012.
Average house prices in the UK now stand at £164,134. This is down from last year’s average of £165,609, and substantially less than April 2010’s number of £167,802. At first glance, the numbers may appear confusing. Without data being adjusted for season, Nationwide reports that average house prices topped out at £186,044 in October 2007.
In February 2009, prices dropped to £147,746, then reached a peak level in June 2010 of £170,111. Since April 2012’s price average was £164,134, it meant that prices lay 3.5 per cent below the peak numbers of June 2010. April prices were 11.8 per cent lower than the record high of October 2007, according to IHS Global Insight.
A quick property sale may remain a dream for homeowners eager to sell. Not only do they have to worry about getting lower numbers for the biggest investments in their lives, they also remain uncertain about when their property will attract worthy buyers.
HIS Global Insight expects house prices to continue falling in the months ahead. Their experts predict that house prices will fall 3 per cent by year’s end. They also say that activity in the housing market is quite sluggish compared to long-term statistics.
They point to problems in the general economy such as high unemployment for causing housing market woes. With joblessness likely to continue growing, the outlook remains uncertain for the general economy and for the housing market in particular. Extended low interest rates are not enough to offset the negative factors that prevail.
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