15
Dec
The House of Your Dreams
Nick Churton of Mayfair Office provides a
summary of the property market in 2008 and looks forward to
2009.
"Many of us will be pleased to see the back of
2008. Certainly most of us in the property sector will be. Of
course no one can be sure how much better next year will be but
there are signs that at least suggest some optimism is warranted,
especially as the Bank of England interest rate has dropped to its
lowest for 57 years.
Despite a slow market, I can’t think of a better time in
years to be buying property. The choice right now is amazing.
In a buoyant market scarcity and time/price pressures lead buyers
to compromise. Here is a market where the need for compromise
is much reduced. There is time to explore the
market.
Prices have tumbled and may drop further.
Property that for some was unaffordable two or three years ago is
now affordable. Serious sellers are really pleased to discuss
offers. If the mortgage lenders would only begin to lend
sensibly – and there are signs that the choke is being
released a little – all buying factors would be in perfect
alignment. I can’t think of a time when this has
happened to such a degree.
There will be those who still want to wait. But wait for
what? Prices to fall lower? They may. But wait until
the optimum moment and it will be too late. Only by a fluke will a
buyer complete on the day the market eventually bottoms out; and
the day after is a day too late. There is no exact science in
property. So it is better to find that uncompromising house
of your dreams now. Yes, the value may drop a bit further and, it
should be stressed, if you have employment or money worries, this
is no time to buy. But for those in a good position, who are
making middle to long-term plans, there should be plenty of time to
recoup any short-term losses.
So for buyers now is the moment to find the
property you’ve dreamed of rather than the property that you
might have had to settle for in different circumstances. The
market is yours. Make the most of it. It won’t
last. In the property market nothing ever does."
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