Now could be a good time to buy a property
As most people are only too well aware the housing market is still going through a severe slump at present, with house prices plummeting and many struggling to sell their homes for as much as they hoped. For many the housing slump has proven to be bad news but for some people the plummeting house prices spell good news. Industry officials claim that cash rich consumers and those able to get finance could get their hands on the ideal property at a fraction of the original price, which means that getting your hands on your cream property may not be as difficult as it has been in the past.
One official said that new developments provide consumers with a great way to get hold of a bargain property with some real deals on the table for those able to get their hands on the cash needed.
He said: ‘With most developers in serious financial crisis, the deals available on new-build properties are fantastic. Negotiate hard and be prepared to walk away if the deal isn’t good enough – there are plenty of alternatives.’ He said that Barratts had been selling some new development properties at knock down prices, adding that there was thousands of pounds to be saved on some of these properties.
One man who bought some of these new development properties said that he had been very pleased with the purchase that he had made, and had saved a fortune on the actual cost of the property.
He said: ‘The latest one cost £200,000, which is about £50,000 less than the price it was being sold at a year ago. We’re delighted with our purchases and confident for the future, despite market conditions.’
Executives looking for apartments in London could find that property prices have also fallen hugely, with one estate agent stating: ‘Many of these are in South-West London – Putney, Barnes, Fulham, Wandsworth and Richmond – where prices have fallen by 16 per cent over a year. In Kensington, homes are worth 19.4 per cent less.’
Another estate agent added: ‘And a good two-bedroom apartment in Central London, which was valued at £650,000, will now sell for £500,000, because buyers won’t pay that extra 1% stamp duty. But you should be safe in the knowledge that these are rock bottom prices.’
Another way in which consumers could benefit from lower property prices is to go to auction, where many repossession properties are going under the hammer. Again, those with the cash or finance to be able to buy a property could quickly get their hands on a bargain using this route, and with more repossessions expected next year there could be an increase in the number of homes available at knock down prices.
Related Posts
Officials claim bargains to be had during property slump
According to recent reports many people may be able to get their hands on bargain properties as a result of the ongoing property slump. Consumers are being advised that if they have the available cash or are able to get a mortgage loan now may be the ideal time to buy a property that was previously out of their budget because of the high cost of property. With property prices having fallen month on month for over a year some homes may have fallen to within an affordable price for some potential buyers.»
London homes up for sale for three months or longer
Industry officials have claimed in a recent report that many of the properties going up for sale in London are up for sale for three months or longer. The slump in the housing market has resulted in many homes stagnating on estate agents’ books, with many buyers either unwilling to buy due to falling house prices and the threat of negative equity, or unable to buy because they cannot get a mortgage in the current financial climate.»
20% fall in rents in some areas
Some parts of London have recently seen rents on properties fall by around 20%, after a surge in properties going up for rent resulted in greater supply than demand. It has not been long since reports indicated that rents in the area had actually be rising by up to 8% a year, with landlords making the most of consumer desperation to find a rented home given that many could not get a mortgage in order to purchase their own property. However, this now seems to be turning itself around, with rentals being slashed by hundreds of pounds a month in some cases.»
Are you thinking of buying a repossessed property at auction?
As most people are aware the housing market is going through a lot of turmoil at present, as it has been for some months. Many homeowners are unable to keep up with mortgage repayments due to financial difficulties and this has led to a rise in repossessions. And whilst house prices have been falling many would be buyers cannot get the finance that they need to take out a mortgage because of the tighter credit conditions that have come into play over the past year due to the global credit crunch.»
Rents driven down through unsold homes
Recent figures have shown that rental prices on homes are being driven down as a result of the many homes that remain unsold on the UK’s property market. Property sales have been very low over recent months, and although they have increased slightly over recent weeks due to more realistic pricing from sellers, they did recently reach average lows of as bleak as less than one property sale per week per agent.»
Yes, but the market will bounce back up, history has proven over and over that real estate is and will be the best investment. Yet many people are sitting on a gold mine and don’t know what to do with their next mortgage payment. Now is the time to buy that dream house and set it for short term rental, I did it and my property paid for itself, and I wrote a book about it a step by step guide on how to do it. Potentail clients should know this information so they feel more secure into investing in real estate NOW that prices are down and loans too.
http://www.strategicbookpublishing.com/WelcomeToTheWorldOfVacationProperties.html
Brenda Lachman