Fears of slowing property market lead to rush to sell

August 14, 2014 by Brendan O'Neill

Property Market

The latest figures from the Halifax building society have shown that, increasingly, people’s thoughts are turning towards selling their houses.

With a cooling of the housing market predicted, it is thought that many home owners may start to put their houses up for sale due to fears that the value of their property is set to plummet.

The Halifax’s Confidence Tracker survey, which monitors the housing market, asked home owners whether they thought they ought to sell their houses within the next 12 months. Almost 60 percent agreed, and further Halifax data shows that property sales rose during the second quarter of 2014, increasing by 21 percent compared with figures for the same period one year ago.

Halifax also revealed that the demand from buyers is falling at the same time as sellers are rushing to cash in on their homes. Although the largest average property price since before the financial crisis was reached in July, the website Rightmove reported that asking prices dropped last month for the first time this year. Stricter regulations governing mortgage eligibility are thought to be having a cooling effect on the housing market.

As property prices and the ease of obtaining a mortgage seem to have entered a state of flux, it can be confusing for those wanting to purchase a home. As more people look for advice, there has been a rise in the popularity of CeMAP courses. In Manchester, Leeds, Liverpool and other major cities, many people are training to become professional mortgage advisers.