We’re so used to hearing stories about making money on property in the past decade – it seems everyone who invested in their own home or opted for a buy-to-lets seemed to have bought a golden ticket. As a result, many people have managed to create a quality of life through home ownership that’s much sought after. But now more homeowners have to face up to a gloomier reality as the quick house sale market shows debt, inflated property prices and a struggling global economy are all taking their toll.

It’s even been estimated that house repossessions will rise by a massive 50% next year. For those who over borrowed to get onto the much heralded property ladder, but have found themselves unable to sell their home in an increasingly volatile market, the quick house sale market may be the only way to stop house repossession. Even the towns considered safe that were once dubbed boom towns are vulnerable to the quick house sale market. The Guardian newspaper has reported on the city of Winchester – one of the most desirable locations in Britain with its cathedral and public school – is in fact now the country’s worst property blackspot (reported on 05/11/2007).

Winchester has experienced a 2% fall in the value of property in the past month alone according to property website, Hometrack. The drop is a galling figure for those who have recently bought in the city – where the average house price rose by 58% in the last five years to a whopping £379,643. If you have recently bought a property and have a 100% mortgage, this presents the risk of negative equity. It’s no wonder then, that even in the richest of areas, homeowners may be forced to turn to the quick house sale market. The Guardian illustrates the point with some choice examples – one homeowner of a £1.6m mansion with a heated swimming pool to boot, had to slash the asking price by £100,000 in two weeks of putting it on the market. Although a fast house sale company usually offers a price slightly below the market value in exchange for a fast house sale, homeowners could in fact end up being far worse off selling the conventional way on the open market through an estate agent. Across Winchester – from mansions to bedsits – all properties are struggling to find buyers and sell for profit. Some analysts believe the global credit crunch is sending jitters through London markets, impacting on confidence in the property market, and aspirational places to live such as Winchester are suffering as buyers look for more value for their money.

More homeowners who are worried they’ve missed the boat are turning to the quick house sale market for a fast sale. The Guardian quoted one messenger on an internet message board remarking on a property that was slashed from £1.5 million to £1 million as saying: “Dropped half a million! I bet they must be thinking: so where's the money in my house valuation gone? I feel sorry for the rest of the country who are waking up now. Still mine's all paid off thanks to the last mugs who bought my old house at an over-inflated price. Hurrah.”

njoy.co.uk is a dedicated website that can help get you the best price for your property from committed cash buyers in your area. We aim to have you a cash offer in principal for your house within 24hrs of you registering your house on njoy.co.uk.