Revealed – dwindling house prices connected to low ...

Property purchasing specialist, HBB Solutions, recently commissioned a survey of 1,225 UK homeowners to reveal the biggest worries and concens homeowners have about selling their property.

The current rate of inflation came out as one of the top areas of apprehension, although house price values are predicted to fall.

Most participants (96%) admitted that a drop in house prices would make them less likely to sell. This suggests that if house prices dwindle a huge lack of property stock could emerge.

The rate of inflation and household finances are causing concern

HBB Solutions found that 89% of participants expressed worry about the current rate of inflation. With figures increasing higher than expected, this shared sense of worry across England is justified.

Despite these changes to the market, the UK house price index summary shows that house prices are continuing to climb. Only 22% stated that they are worried that the value of their home might fall in the coming months.

Participants also shared concerns about the cost of household finances. The price of fuel and food caused a dip in confidence. Increased mortgage costs, and prices to cover lifestyle and entertainment were deemed the least alarming. The research shows that fuel and food costs are causing the greatest amount of worry regarding household finances.

Managing Director of HBB Solutions, Chris Hodgkinson, commented: “Despite many households enduring an incredibly tough time at present, a high level of confidence remains in the property market. While we’ve seen signs that the market is starting to cool, there’s certainly no evidence that a market crash is imminent.

“Of course, it would be naive to expect that such a turbulent economic outlook will have no impact on the housing market and it's inevitable that some form of house price correction is on the horizon following such a heightened period of activity.”

“So those considering a sale may want to do so sooner rather than later to ensure they hit the market while it remains robust and prices are still holding strong.”