2
Feb
Now is the time...
“There is plenty of ‘expert’ opinion about how
much further the property market could fall, when it will turn, and
how long the recovery will take. Newspaper and broadcast
journalists and eminent economists all have a view; even one or two
estate agency research departments have jumped in with their
two-pennyworth. The trouble is, no two seem to agree; hardly
surprising as none are clairvoyant and most have never encountered
this sort of crisis before. So, in reality, no-one really knows.
Therefore, with so much conjecture, by the law of averages one of
them will eventually get it right.
However, local property experts do know a thing or two. We know
that the market and prices will recover. We also have a certain
instinct for how things are in our own market today, and this helps
us to give some timely advice. So, here are some points to
consider:”
• There is great turmoil in the financial world –
yet in chaos there is opportunity.
• Interest rates have fallen and could yet fall to their
lowest-ever level.
• Prices have fallen dramatically. They could fall further
but it’s never smart to wait until they are rising. If you
are in property for the medium to long term, the future benefits
should heavily outweigh any short-term losses.
• There is so much choice in the market and it may be years
before this occurs again.
• The financial institutions are just recovering from their
credit difficulties and are beginning to lend again.
• Move up the ladder – prices have come down further
pro rata.
• Get on the ladder – for first-time buyers, prices are
at the lowest for years.
• New property – new homes builders need turnover and
will consider a lower offer for a quick sale.
• Now is not the time to buy property if you have to borrow
too much money or are worried about your job or the financial
wellbeing of your family.