End of property gloom in sight says Welwyn estate agent
PUBLISHED: 12:06 18 January 2009 | UPDATED: 21:52 26 October 2009
A look at the property market with Martin Bishop of Welwyn s Bryan Bishop estate agents I should imagine most of you reading this are glad to see the back of 2008, I certainly am! It s been a difficult year, to put it mildly, and everybody knows
A look at the property market with Martin Bishop of Welwyn's Bryan Bishop estate agents
I should imagine most of you reading this are glad to see the back of 2008, I certainly am!
It's been a difficult year, to put it mildly, and everybody knows somebody who's been affected.
There was a time when estate agents regularly came top of the list of "those we love to hate", until bankers spectacularly knocked us off our perch.
The years of unregulated practice offering credit to anyone who wanted it, regardless of their ability to pay it back, have finally caught up with the financial sector and we are all being made to pay for it.
The property market is often thought of as the barometer of the economy; thus the rapid slow down of sales, falling house prices and swift about turn to a 'buyers market' during 2008 foretold of trouble ahead in the economy, not to mention the collapse of several established financial institutions at home and abroad.
It is not, therefore, surprising that the few buyers who were around wanted to obtain the best deal they could.
As is always the case, we are quick to react (as vendors) when house prices are rising, but painfully slow to do so when they are falling. This has led to an inevitable 'lag' in the perception of value between a buyer and seller, resulting in a stalemate in a lot of cases.
The national press has been keen to perpetuate the gloom (apparently it sells more papers) regularly forecasting a bleak outlook.
Looking back, it is fair to point out that by the time we reached the middle of 2007 house prices were considerably over-valued and we all wondered when and if the bubble would burst!
The correction has been swift and painful for most and with the lack of first-time buyers able to take the plunge, the market has virtually ground to a halt.
But I truly believe the worst is over and the fall in house prices will bottom out during the middle part of this year.
It has never been a better time to buy!
Interest rates are at levels never previously seen.
Money is cheap.
The long-term view is what we should all be focusing on.
Believe me, the market will recover and when it does there is going to be a pretty smug look on the faces of those who took the chance and bought in 2009!