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UK House Prices Fall for Second Month
UK House Prices Fall for Second Month
There has been more bad news for people who need to sell their house fast in Grimsby, as property prices across the UK fell for the second month in a row. According to an article in The Guardian, the average house price in the UK dropped by 0.6% in January to £223,285, this was on the back of a 0.8% fall in December. The consecutive drops have led to just a 2.2% annual growth rate for house prices in Britain, the slowest increase in property pieces over the past six months.
Improved employment figures and Government incentives such as eliminating stamp duty for first-time buyers on properties below the value of £300,000 have done little to help the housing market bounce back to pre-crisis values.
Inflation Harming Those Who Need a Fast House Sale
Inflation has been one of the main causes of slow house price increases, with the CPI rate of inflation currently standing at 3% compared to an average wage increase of 2.4%. The ongoing saga of Brexit has also added pressure to an already precarious market, as both people and companies are concerned about their futures and are cautious about financial commitment. Unfortunately for people wanting to sell my house fast, these issues can work against them.
With less household income to work with, fewer people are in a position to buy a home, this particularly affects first time buyers who will often choose to continue to rent when they are unsure of their future finances than commit to a mortgage. With fewer potential buyers around, house prices often slump further in a bid to attract those who are well placed to get a foot on the property ladder. However, for those who need a fast house sale, this often means disappointment or a lengthy wait.
A Fast House Sale is Possible in Grimsby
Areas of high unemployment or traditionally lower priced properties such as Grimsby, have felt this slowing of property prices more keenly than other areas of the UK. For those who need a fast house sale, a slow-moving property market can seriously hinder their chances. However, there are property buyer companies that can offer quick solutions, allowing people to sell my house for cash.
Companies that buy houses fast allow people to move quickly without having to undergo costly renovation work to their properties, or to have to wait months or even years to attract a buyer in a slow-moving area such as Grimsby.
For those thinking “how can I sell my house today?”, in today’s climate of slow-moving property markets and sluggish property value rises, the traditional route of estate agents may not be the best solution for attracting cash buyers who can move quickly. Often it can take months of showing around prospective buyers before the transaction is completed. In some cases, the property sale falls through as the buyer fails to secure a mortgage or some other unforeseen circumstances brings proceedings to a halt.
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