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Ten years ago, the then Chancellor Gordon Brown announced that he wouldn’t let house prices get out of control. But property prices have spiralled so that many first time buyers are unable to get on the property ladder. Worse, those who have a foot on the ladder are increasingly forced to opt for ‘sell house quick’ schemes to save them from spiralling debts as a result of over borrowing.
The ‘sell house quick’ schemes cater for homeowners who are struggling financially. Debt is on the increase in the UK and some fear a housing market crash may be in the pipeline as inflation rises and debt continues to grip consumers. The ‘sell house quick’ schemes are a fast way to fix debts and ensure homes are sold while prices are still high.
Some believe we need a crash in the housing market to level the playing field for first time buyers. As it is, those who bought years ago before the boom have made huge financial gains from property. And those unfortunate not to have had the circumstance or foresight to buy before the boom have been priced out of the market completely. But if there is to be a crash in the market, it might make sense to opt for a ‘sell house quick’ scheme before prices drop.
In America, the housing boom ended abruptly as sales dropped and interest rates went up – classic signs of a market in reverse. Some property experts are predicting the UK housing market will follow a similar route after interest rates were hiked up. However, UK house prices have continued to outgrow major forecasts. As a result the house price to earnings ratio is high and mortgage repayments are unaffordable for some. It seems there is not stopping the ever increasing property prices as more and more of us take on mortgages we simply can’t afford in a vain attempt to keep up. The ‘sell house quick’ schemes could become increasingly popular as consumer debt, rising inflation and high property prices leave some homeowners in irreversible financial trouble.
In London, a first-time buyer needs to afford almost a quarter of a million pounds to get on the property ladder – and somehow people are finding a way, despite their incomes. The unfortunate result for some of those over-borrowers however is a ‘sell house quick’ scheme to try and salvage their finances from crippling debts.
