Housing sector slump ‘set to get worse’

The health of the UK’s housing sector is set to get worse in months to come, according to one expert.

David Kuo from price comparison firm Fool.co.uk is convinced that the trend which is seeing fewer and fewer people approved for a home loan will continue as the market becomes increasingly favourable to buyers.

Millions of families are struggling to meet their mortgage-related debt management demands and many will find it difficult to sell their home in the current climate, Mr Kuo has warned.

“Sellers who want to avoid the disappointment of a house sale falling through at the eleventh hour should think seriously about pricing their properties to go,” he said.

“It means forgetting about how much your property was worth previously, but how much it may be worth tomorrow.”

Last week, the insurance firm Axa warned that Britain’s property sector slump will be worse for homeowners this time around than was the case in the early 1990s.

Written by Frank Charlton