News
Property Market - End of price slide in sight?
The housing price indicators for February and March provide reason for cautious optimism that the slide in house prices may be slowing to a halt. Indeed, indications are that they may soon start to experience a modest rise.
With the government-backed Northern Rock re-introducing a 90% mortgage and other lenders promising to increase their mortgage lending, the outlook for potential buyers looking to raise deposits and obtain mortgages with a view to buying a house appears to be brightening.
The information we have received of late from estate agents is that properties that have languished on the market for many months, with little or no interest, are seeing more viewings. Buyers once again seem to have a Spring in their step!
For both sellers and buyers, this is good news. If the property market is beginning to improve, then more sellers will be prepared to put their properties on the market, buyers will have more choice and there will be signifcantly more money available to assist with a purchase.
It is also important for the economy as a whole that the property market starts to recover as quickly as possible, because many associated businesses rely on the property market, including furnishing companies and retail outlets. Quite apart from companies such as solicitors, estate agents, removal firms, DIY stores and small property contractors.
It is our view that if you have been considering buying, now is a good time to start looking for properties. Particularly if prices are going to start to stabilise and/or rise, and as more properties become available to view in the weeks ahead. Traditionally, spring and summer are the best months to sell a property, and if the market picks up it is likely to do so between now and September.
We are happy to offer advice and informal comment if you wish to discuss any aspect of a property transaction with us. We truly believe that an optimistic view of the present position will serve the property market better than some of the predictions of “doom and gloom” that can tend to dominate the media headlines and be espoused by alleged “property gurus”!
Food for thought!
Please contact Roger Stone at Chichester or Sarah Evans at Selsey for more information.