According to the monthly survey from Halifax the house prices have fallen for the first time in the current year. Statistics offered by UK’s largest mortgage lender that the house prices have dropped 0.6% in the month of September. Northern Ireland led the fall with 3.2 percent followed by north that showed a 2.1 percent drop. Quick House Buyers help to sell house for cash quickly and help in the quick house sell in UK.

The chief economist of Halifax says, “September’s price fall is consistent with the normal behavior of the market during a slowdown. A mixed pattern of monthly price rises and falls is a typical feature of a more subdued housing market.”

Most of the experts are arriving at a conclusion that the UK’s housing market is overvalued and could very soon face a major slump. According to the International Monetary Fund the UK property was overvalued by as much as 40 %. It further states that ‘The steady increase in interest rates has already contributed to some cooling of these housing booms, and recent developments are likely to have a further dampening impact, particularly if credit availability were to be tightened. There would clearly be a sizeable impact on the housing markets in the event of a widespread credit crunch.’

 Keeping in mind the following developments, the house prices are going to be affected and are most likely to come down. Any prudent investor should therefore sell of the property so as to avoid any major loss.

 Most of the economists share the opinion that the house price fall will be seen in England just like the trend followed by US, Ireland, France and Spain. Most of the banks and building societies are revising their lending rules to cope with the global credit crunch. They are now taking a stricter stance on loans that has discouraged many aspiring investors in the housing market. All these statistics prove that the housing market is struggling and the investors should sell off their property fast before the situation gets more difficult.

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