Tuesday, July 8, 2008
Credit crunch leaves homeowners with no way out
For this desperate homeowner the view was not a welcome one - there were no bidders for his flat. Auctions across the country reveal the same picture with auctioneers and vendors deadlocked. The former are telling the latter that if they want to sell their houses, they have to lower their prices significantly, but sellers can't afford to do it. Auctioneer Andrew Binstock said, "I'm telling people if they think their property's worth £100,000, then put it up for £70,000 or £80,000." Charles Smailes, auctioneer at Feather Smailes & Scales in Harrogate, said: "Demand has dropped to nothing. It's like the property market has fallen off a cliff."