Why Are Some People Still Desperate to Sell their Home
There are many different reasons as to why someone will become desperate to sell their home. Since the property market turned around and started pointing downwards a few years ago more and more house sellers have found themselves in a position where they are unable to sell their house. There have been a variety of different types of desperate house sellers for a variety of different reasons.
A High level of Unemployment still holds back the Housing Market
Firstly those who unfortunately lost their jobs. There were many working UK citizens that were made redundant during the recession and put in a position where they were unable to cover their mortgage payments. The banks are very strict on this: if you find yourself in a position where you are three months in arrears then court proceedings will proceed and you will either need to find a job very quickly.It now appears that many people who have lost their jobs have already done so and have been flushed out of the system. Yes, unemployment levels are still at an all-time high at around 10%. However this has now become a very stagnant situation and those who were initially laid off during the recession have now found themselves back on their feet.
Undesirable areas still make it difficult for you sell your home
We are now finding a more common desperate seller in those who are living in undesirable areas which whereby there are many houses for sale and due to this they are unable to sell their home. Recent figures show that house prices have remained stable now for almost six months. The average house price in the UK is currently standing at around a £172,000 and in fact prices did drop just 0.2% last month showing that we are still moving along the bottom and there are no immediate signs of growth. However, in more highly populated areas such as London house prices have increased 8% in the past year but this now appears to be stabilising.
The problem for many people who wish to sell their house fast is that they are simply not enough eligible buyers in the market. Unfortunately, the banks are still not lending like they used to and this has prevented many would-be buyers from actually looking to buy a home. Other countries such as the United States have put in some efficient measures to improve the amount of available buyers. For example, the billions of dollars that they injected into their financial system has been passed on and used as money that can finance new buyers to obtain a mortgage. This has already shown a positive effect, more buyers in the United States have entered the market and more properties are now changing and being sold. This is very much a different situation to what we have experienced in the united Kingdom and mortgage approvals are down 20% from this time last year. Many citizens are wondering where has our taxpayers bail out money gone and would like the UK government to stop being so conservative and start freeing up the economy.