Increasing Unemployment To Dampen Hopes For People Trying To Sell Their Property Fast

by Patrick Sage on December 1, 2011

News from the frontiers of economy is getting gloomier by the day.

After record unemployment, food and energy inflation, public union unrest, Quantitative Easing and bottomed out interest rates, one would imagine that things would start to get better anytime soon.

If Reuters is to be believed, UK government is expected to cut yet another 100,000 public sector jobs in the next 4 years to save money and reduce deficit between costs and spending.

UK Chancellor George Osborne is expected to announce this in his Autumn Speech in the House of Commons soon. Obviously he will try to cushion this news with something a bit more cheerful. However an independent research reckons that there are likely to be further 500,000 public sector job cuts by 2015.

What does this news mean for house owners? It seems anything but good. Unemployment means one thing – people have no money to spend on the high street, and they certainly do not have ability to move their homes. As more people get desperate financially, they will fall behind their mortgage payments. Therefore expect more distressed property sales coming onto the market in the next few years.

As far house prices going up – you can easily forget that. This is because price is a function of supply and demand. If demand is more than supply, prices go up. However in this case, as more and more houses are expected to come onto the market; and hardly any buyers able to raise finance and complete the sale, prices are likely to take further tumble. Some economists are predicting a further 10-15% fall in house prices in the next 2-3 years.

However there is a silver lining. If you are in desperate need to sell the property then there are some companies who specialise in buying the property fast. Search for them, contact them and see whether you can make them interested in your property. You never know – they may even make you an offer.

Want to find out more about how to sell house fast, then visit Patrick Sage’s site to learn tried and tested tips. Property selling can be hard work. See these tips on selling your house quickly can be just the trick.

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