Good news, hmm

As reported on the BBC, good time to sell your house is 2013, thank god, its only a 5 year wait, suppose there no chance of selling my flat now, bugger

House prices will not get back to the levels they peaked at in 2007 until 2013, the Centre for Economics and Business Research (CEBR) has predicted.

The group also forecast that prices would fall in value by 25% from their peak to a trough at the end of 2009.
It would mean an estimated 2.5 million homeowners could face negative equity.

The price drops have been welcomed by some who argue that many were priced out of the market when prices rocketed.
If proved correct, the prediction from the CEBR would mean the value of the average home would have dropped to £157,058 by the end of 2009.

That represents a decrease in value of about £50,000 from the peak in the housing market a year ago.
Prices are expected to be broadly flat in 2010, before rising by about 20% during 2011 and 2012, the CEBR forecasts.
In an interview with the BBC last month, Nationwide chief Graham Beale said he was not expecting any signs of a recovery in the market until 2010. He also said the pattern of price falls next year would be similar to this year.

Mortgage drought
The CEBR suggested that the lack of will among banks to lend to each other, and therefore to homeowners was a key factor in determining house prices.
Mark Baker from expects house prices to recover
"Confidence in the housing market has been shattered as lack of mortgage availability has left few sellers chasing even fewer buyers, and expectations of falling prices have become embedded," said Ben Read, managing economist at CEBR.
"Now that the financial crisis has turned into an economic crisis with rising unemployment and falling household incomes, we could see house price falls starting to accelerate again."

The rescue package for the banks would also start to free up lending, and Mr Read suggested that this would help transactions to rise sharply in 2010.

Waiting time
Nearly a third of UK properties for sale have been on the market for more than six months, and 12% have been unsold since the start of the year, according to property search engine Globrix.
This was seen the most in Aberystwyth, where 70% of properties for sale had been on the market for more than six months, followed by Merthyr Tydfil (62%), Rochdale (52%), Shrewsbury (49%) and Oldham (48%).
In the major cities, 41% of properties for sale in Liverpool have been without a buyer for more than six months compared with 25% in Bristol.


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