Rising interest rates hit the property market hard, causing mortgage repayments to rise above what the average person could comfortably afford. This resulted in an increase in repossession orders, which have also attributed to the number of people looking to sell their properties. Read on to find out what’s expected in the new year, and why it would be a wise decision to sell your house before 2008.

So what’s expected for 2008?

Property experts seem to be pessimistic about the odds of 2008 having a rosier outlook for property owners.

Aboutproperty reports Spicerhaart Financial Services operations director, Steve Cox as saying, "The credit crunch does seem set to continue into 2008. This will produce a subdued environment characterised by low average price growth of around two percent.”

Moving into 2008, borrowing constraints and fears for the long-term direction of the market are expected to continue, applying a downward pressure on prices.

"Buyers will be a lot more price-sensitive than previously, and as such will only purchase if properties are correctly priced," continues Cox. "Sellers who hope to achieve an extra five per cent on the price of their property will be disappointed."

Meanwhile, Nationwide predicts that prices in the market will be flat during the next year. According to them, economic growth is expected to slow from three to two percent during 2008. All the while, stretched affordability, tighter lending conditions - caused by the credit crunch - and low buy-to-let demand will contribute to the house price standstill.

Capital Economics is even more cynical in its outlook for the coming year.

"Falling new buyer enquiries, falling mortgage approvals and now house prices. These are increasingly convincing signs that we are in the early stages of a housing market correction. We expect house prices to fall by three per cent in 2008, but the downside risks to our view are growing."

Repossessions expected to increase

According to the Council of Mortgage Lenders, or CML, house repossessions and the number of mortgages falling into arrears are also likely to increase in 2008.

The CML is predicting a 16 percent increase in the number of mortgages in arrears for more than three months, to 170,000.

Likewise, the council expects the amount of repossessions to increase by 50 percent to 45,000 in 2008.

This is bad news if you want to sell your house, as this could result in the market being flooded with marked-down repossessed houses. These ‘cheaper’ options could result in sellers having to drop their selling prices simply to get buyers to look at their property.

But it’s not all doom and gloom. Read on to find out how you can sell your house before property prices plummet and you lose all your equity. MPG offers a guaranteed home selling solution that will have your house sale signed, sealed and your money in the bank – in only 7 days.

Why it’s better to sell your house before 2008

If you’re battling with the difficult question of whether you should sell your house, MPG Investments has a simple solution.

As the leading property buyers in Britain, they offer a unique guarantee. MPG will buy any house in any condition in any area of the UK – and you can take that to the bank. In short: If you want to sell your house, they’ll buy it – no questions, no conditions and no hidden fees.

Sell your house before it loses more value

The thought of losing your home and being left with nothing is terrifying. There is a realistic chance that property prices could drop even further in the next 12 months – in which case your property could lose its value at a frightening speed.

This devaluation could ultimately result in your biggest asset – your house – turning into your biggest liability. Don’t take the risk of losing money in a dwindling property market, while interest rates continue to climb and the cost of living keeps on rising. It’s time to take action.

Get a guaranteed offer when you sell your home

Now is the time to sell you house to MPG. The sale can be signed and sealed within only 7 days, leaving you debt-free and with cash in your pocket.

We guarantee you no chain-breaking, no commissions, and no hidden fees – and best of all, we’ll even pay your legal costs!

Does it sound too good to be true? Rest assured – it’s not. Let our professional property advisors answer all your questions and put your mind at ease. Freephone us on 0800 634 9231, or fill out the contact form on our website, and we’ll respond to your query.