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By all accounts, 2008 is not an ideal time to be buying and selling property - according to Bank of England figures, homebuyers are demanding discounts of up to 20% on properties from desperate sellers, and despite house prices dropping they are still inflated.
Get government help
Yesterday the government announced a £600m package to aid the ailing housing market. Along with help for first-time buyers, the government is also sponsoring loans for households earning under £60,000 that are free for five years, on new properties. Additionally, for homeowners that can no longer afford their mortgages, councils will pay off the debt and charge the homeowners rent at an affordable level.
Consider a more unusual route to sale
Selling your home through an estate agent is not the only route. Auctioning your property is ideal if you have an unusual or run down property, as it will appeal to niche buyers, or those looking for a project. Alternatively, consider a home swap scheme, whereby homeowners with similar requirements are introduced to each other, and simply pay the difference between the home costs.
Become a landlord
If you are set on moving house, one option is to rent out your current home and then purchase, or rent, another. This option has clear financial implications, but if you can afford it, it makes sense. The numbers of properties to rent are rising at their fastest rates ever, according to Rics, and compared with the property market the rental market is currently looking healthy.
Related articles
The fall of the house price
- September 2007 - house prices begin to their decline after the Northern rock crisis
- February 2008 - house prices fall 2.5% in just one month (Halifax)
- April 2008 - first year on year fall for 12 years (Nationwide)
- July 2008 - mortgage approvals down 71% on the previous year (Bank of England)
- August 2008 - house prices fall 10.5% in a year (Nationwide)
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