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19 September 2011

Nick Hopkinson, Director of PPR Estates, comments: �Despite the ever enthusiastic efforts of estate agents, most house sellers are heading for �cold turkey suppers� in their existing homes in the New Year unless they are prepared to drop their asking prices by around 20% immediately to attract serious buyers. It takes 90 days to complete a house sale these days so there is no more time for pretending your home is worth more than anyone is really going to pay if you need to sell this year. �The credit crunch is far from over; the slowly unfolding Euro-zone financial disaster is ultimately only going to reduce the availability of mortgages in the foreseeable future as bank profits and funds are squeezed. Inflation continues to climb worryingly with higher fuel bills just starting to bite. Household incomes are falling and unemployment is rising fast now as students and school leavers are looking for jobs in austerity Britain. �Against this back-drop, only a turkey would think that house prices are going up in the next few months. The only exception at the moment is the Prime London market bubble driven by cash-rich international buyers chasing a very limited supply of properties. It can only be a matter of time before even the London market suffers a pricing correction and many recent buyers get burnt.� If you would like to speak to Nick, you can contact him on 07768 144497.

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