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Speculation on what is in store following summer lull remains sceptical. The Halifax predicts house prices will fall in 2005, while independent financial adviser, Julian Crooks believes, “There does seem to be a danger of negative equity so people should be preparing their finances to cope."
"Sellers are having to work really hard to attract buyers at present," says Richard Donnell, spokesman for estate agent FPD Savills, “there are a lot of aspirational sellers out there, who still hark back to hot market. They need to ask their estate agent to give them a realistic valuation and ask them how they can improve their chances of a sale."
Rightmove has warned that housing market could remain static for several years whilst it waits for incomes of FTBs to catch up with housing prices. Miles Shipside, Commercial Director of Rightmove, said "As many sellers are refusing to part with gains they have made, buyers are forced to make up affordability gap…The reality is it will take seven years of static house prices and wage inflation to bridge this affordability gap.”
The market appears to be in a state of change with sellers more open to negotiation than previously, but many buyers, especially critical first timers remain wary or still find themselves priced out of market.
Note: The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation.
References: Rightmove House Price Index Moneynet mortgage comparisons Halifax House Price Index
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Richard lives in Edinburgh, occasionally writing for the personal finance blog Cashzilla, and wandering when that lottery win will happen.