House Prices Slowing Down

As thousands of Britons put their homes up for sale the price growth in the property market has started to slow down. The huge number of homes that came onto the market saw the house prices in June raise only by 0.8 percent.

Many estate agents believe that the rise in homes that are being put for sale is due to the fact that many homeowners are trying to beat the home information pack deadline. However, the rush to beat the home information pack deadline appears to have attracted some poorly motivated sellers to the market.

Many of the homeowners who are avoiding the fee of the packets are only placing their home on the market sooner to avoid having to pay the fee and are not being realistic on the price of their home.

The home information packs were due to become compulsory for all home being put on the market on June 1st, however the government changed the date and decided that the home information packs would not be needed until August 1st and would only apply to properties with four or more bedrooms.

"There was a definite surge in home improvement loan applications early this year," says Abbi Rouse of loan brokers, Essentially Home Loans.

"This accords with the belief that house sellers were rushing to improve their home and borrow money to pay for the packs. Now that many homes are outside the HIP bracket, these actions may seem premature, but improving your home is always a good way of building wealth whilst house prices are on the increase."

Whatever the reason may be behind the motivation of a seller, there are currently more homes on the market, which means more choice for buyers, which will place more pressure on the house prices. The more property that becomes available is good news for buyers, as sellers who want to sell urgently will likely have dropped their asking price. However, those who intend to sell their home to avoid having to pay a few hundred on the home information packs end up losing out on thousands as they are forced to drop the price of their home for a quick sale.

Abbi Rouse is the Editor in Chief for Essentially Home Loans where visitors can apply for cheap loans online. We also specialise in bad credit loans. Visit our site today http://www.essentiallyhomeloans.co.ukDenice Blog12371
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