Quick Move Now response to latest Land Registry housing market data

buy my house

Data released today shows house prices in England and Wales were up 1.1% on the year in September and down 0.3% on the month.

The yearly inflation rate was up from 0.7% in August.

Donna Houguez, market analyst at property buyers Quick Move Now commented;

There’s no doubt that within the property market, the pressure remains to the downside.

Despite house prices remaining fairly static, with confidence levels low and mortgages still hard to secure, transaction levels have stayed woefully flat. They remain at around half their pre-crash peak, and are unlikely to tick back up until the New Year.

A major factor in all this is that the deposits demanded by lenders are simply too big a hurdle for many would-be buyers.

Economic logic suggests that in the face of such puny demand, sellers should start cutting prices. But that simply isn’t happening.

Many vendors are still being totally unrealistic with their asking prices, while others who bought with a high LTV mortgage simply don’t own enough equity to be able to drop their prices.

We’re in a difficult position where sellers can’t afford to lower their asking prices and prospective buyers can’t afford to offer more. The result is the chronic stagnation we’re seeing.

This content was written by Quick Move Now
Published on 29th October 2012
Last updated on 20th April 2017

We Are Regulated By

Property Ombudsman Logo National Association Property Buyers Logo Chartered Trading Standards Institute Logo British Property Federation Logo

Address

Quick Move Now
Interface Business Park,
Floor One, Unit 15,
Royal Wootton Bassett,
Swindon
SN4 8SY

Get your cash offer now

CASH COULD BE IN YOUR ACCOUNT IN
9 Days
|
7 Hours
|
50 Minutes

You're currently offline