Report: Panic-selling could occur

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Homeowners are being urged to avoid panic selling after it was suggested that the average price of a property in the UK could dip below the £100,000 mark.

A report from Numis Securities predicted that property owners may soon start to panic after watching their investments in the buy-to-let sector lose value.

This could have a knock-on effect on property prices, exacerbating an already dire situation.

Those looking for more space may be inclined to add a conservatory or glazed extension to give them the room they need without losing money though selling their home at an undervalued price.

"Our core headline forecast is that UK property prices remain between 17 per cent and 39 per cent overvalued based on fair valuation," the report read.

"Moreover, history has shown us that when property…which has experienced a price bubble corrects, the price tends to fall below fair value for a period of time, as confidence in that market remains low."

Should this occur in the UK and property prices continue to fall, many homeowners may decide to ride out the storm and stay put, investing instead in home improvements."ADNFCR-1495-ID-19074357-ADNFCR"

 

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