What are the experts saying about house prices - and importantly - what do the rest of us think?
David Bexon, Managing Director of SmartNewHomes.com, said in response to the Nationwide house price figures: 'While the re-sale market recorded a sharp fall in house prices in December, the new homes market remained static. The decline in new home prices over the past year as a whole was also less substantial than the decline recorded in the re-sale market, with areas such as Scotland reporting minimal falls.'
'New homes are still being marketed at a higher value than re-sale property, and continue to command a premium from buyers who are keen to take advantage of the excellent incentives developers are currently offering to get people moving. Regardless of the current climate there are still people out there who want or need to move, and developers are playing a key role in enabling these buyers to move up or even enter the market.'
Jonathan Turpin, Chief Executive of Moveme.com, said in response to the latest Nationwide House Price Index: 'Despite reports of annual house price falls now pushing 16%, it’s not all bad news for homebuyers. While we face an uncertain year ahead, interest rates are at an all time low, taking the cost of borrowing to record lows. For those who are able to secure finance, now could prove an excellent opportunity to buy, as house prices return to levels not seen since 2005.'
Fully 88% of property buyers surveyed by findaproperty.com feel that property prices will fall overall in 2009. The property search engine found that 51% of buyers predict a fall in prices of between 5% and 15%in the next year. Buyers also expect this drop to be part of a continuing trend during the downturn, with a drop of between 20 to 30% expected from the peak 2007 prices in total.
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House Price Crash: Should You Buy?
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