Sell Your Home Fast Before Double Dip Housing Recession Hits UK

Capital Economics the economic think tank have warned that houses will lose a further 20% of their value in the next 2 years. Thousands of homeowners are now looking for a sell house fast solution before they lose even more equity.

It is feared that a double dip recession is on the cards as the Council of Mortgage Lenders reported that gross mortgage lending fell by a massive 13% last month to just £9.2billion proving that fast house sales are a distant memory on the property market.

Peter Charles, economist at the CML, said: “The Bank of England’s inflation report noted that the UK banks face a significant funding challenge over the next couple of years.

“In total, including funding supported by the public support schemes, around £400bn to £500bn of wholesale term debt is due to mature by the end of 2012.

“This implies that, even in the unlikely event of a marked upturn in mortgage demand, the level of activity in the mortgage market can be expected to remain constrained.”

Paul Diggle, a property specialist at Capital Economics said; “Prices are trending slowly downwards at the moment, but our view is that this is really the start of the second leg of the correction and we expect prices to fall significantly further.”

Commenting on the figures, David Whittaker, managing director of Mortgages For Business, said: “Imploring lenders to lend more this year will be as fruitful as asking Ed Balls to quieten down – it simply won’t happen.

“These figures highlight how important the private rental sector is going to be over the next few years. Until the mortgage market opens fully to first-time buyers it will continue to stagnate, leaving hundreds of thousands of people pouring into the rental sector.”

The CEO of Crown Mortgage Management, Eric Stoclet, said: “With GDP shrinking, house prices dropping and the impact of public spending cuts still uncertain, lenders responded emphatically in January. You can’t disguise adverse lending conditions.

“Demanding that lenders put their hands deeper into their pockets misses the point.”

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