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.
One industry official stated: ‘The speed of the drop in property values is unprecedented for this country, but when the market starts to pick up, the huge advantage that buyers currently have will be lost.’
He went on to state that often the best offers and deals on properties were to be found with new developments, adding: ‘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.’
One buyer recently bought a new Barratt flat, and managed to get it at a knock down price. 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.’
One estate agent said that different prices had been affected by the destination of the properties. She said: ‘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 said: ‘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.’
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