Good Time to Sell Your House Fast
If you've been waiting to sell your house, this might be the best time to put your "For Sale" signs up because all signs are starting to point to a property market slow down.
On Wednesday the Bank of England said that the amount of mortgages approved fell to just over £61,000 during September that's down from 64,000 in August and 66,100 in July, this was a larger fall than analysts predicted and the lowest level of mortgage approval since July 2013.
Prices had also stalled, and even fallen, last month and for the first time in 18 months. The Land Registry reported that house prices actually fell in 7 of 10 regions in Wales and England. The prices decreased on average by 0.2% in September with London seeing a fall of 0.7%, the first monthly fall for the capital city in almost a year. The biggest price falls were in Yorkshire and Humber with 2.2% decrease and the West Midlands at 1.3%.
Time to Sell Your House Fast
The Bank of England governor Jon Cunliffe has stated that interest rates are no longer such a pressing issue. However, Archer, has stated the debt levels are relatively high and there is concern that even a moderate rise in interest rates in 2015 could cause serious problems for many borrowers.
Consumer confidence is still high – the highest level in more than 9 years – and therefore people are still prepared to borrow and buy. However, with the cooling market, for those who have been waiting for prices to reach their greatest heights before selling, the slowing market shows that now is the time to sell your house fast.
Cooling Property Market
The Bank of England and other regulators have taken a series of steps to cool the housing market, which has steadily showed annual price growth of more than 10% and up to 20% in London.
The newest restrictions on mortgage lending prevent banks and building societies from allocation more than 15% of their residential mortgages to people borrowing 4.5 times their income or more.
The chief UK and European economists at IHS Global Insight, Howard Archer has stated that the latest data reinforces the notion that the UK housing market is losing its moment and that housing prices are likely to be more restrained over the next few months.