Quick Move Now are one of the leading house buying companies in the UK.We buy houses and will buy your Bryant Homes and your Barratt Homes. They will buy your house for 90% of its value and can turn around in 7 days.
During the last 2 years house prices have never been far from the headlines.
After a couple of month’s positive growth many are speculating that we are witnessing a recovery. However house prices always fluctuate and no real conclusions can be drawn from monthly fluctuations.
Although every boom and bust cycle is different certain lessons and conclusions can be drawn from previous cycles.
As can been seen from the chart, during the slump of the early 90’s monthly house price growth fluctuated wildly over the period, especially after the original slump.
After the initial prolonged negative growth, monthly price increases were relatively common. However the long-term trend was still downward for several years.
In the current economic climate it is very unlikely that we will return to a market with constantly inflating house prices and there a number of reasons for this:
- Unemployment is expected to rise in the short/mid term. This uncertainty may deter many potential home buyers, stifling demand.
- Interest rates will eventually have to rise, making mortgage lending more expensive. This will put added pressure on home owners already struggling and make it even hard for potential home buyers to get on the ladder.
- Mortgage lending. Much previous demand was driven by the availability of cheap, unregulated credit. With banks trying to recoup losses, margins will be increased which will impact mortgage affordability, especially if interest rates increase. Lending will also only be made available to the minority of home buyers who have large deposits, secure assets and good credit history. This attitude to risk is likely to continue for mid to long term.
- Government and Bank of England now appreciate how dangerous unchecked and unregulated credit provision and in turn house prices can be. They will work hard to keep house price inflation in check in future.
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