Mar
4
04/03/2009
As the recent property slump has caused havoc among the UK markets, there are people who are gearing up to buy what may be the best time in recent years to cash on an otherwise, the worst of times. Despite the reluctance of home owners to sell their properties during crisis time, there are still a large number of homes which are waiting for a long time to meet a potential buyer.
Availability of Good Property
Experts have also suggested an over supply of newly built apartment blocks. According to a recent survey by Globrix, five percent of sellers were unable to sell their properties in the last 12 months. Such figures suggest that there are good properties available in the market but the unwillingness of banks to provide loans and unrealistic high demands by sellers are the major cause of such a stagnant house market.
A Bounce in the Making
Industry professionals agree that anyone with a reasonable credit history should not have any trouble in financing a property. To them, it might be the best time to buy a home since a few experts see the present property values as bottomed out and likely to bounce back in coming months. Such predictions are not without merits. The National Association of estate agents is even counting on a huge regain. According to one of their senior executives, the bounce back can be as strong as the weakening of the house prices.
Better still, it is just not a prediction but in the limelight of the government efforts to release money to the banks and the banks reacting to provide the much needed loans, the boom might just be around the corner. Furthermore, if these banks pass on the interest rate cuts to the consumer and the consumer sentiment on the property prices gets a little more credibility, this may well the best tie to buy a property in the UK. A closer look into a struggling UK property market will provide further evidence to a stable market that is still strong in its foundations. Considering the recent cuts in interest rates and the mortgage products getting stronger along with reasonably well balanced credit lines, buyers of new homes can find themselves a jackpot.
Evidence
One thing is for sure that the ups and downs in the global markets have made it very difficult to predict the future. Still, it should be noted that nearly all the nation’s premier sources are predicting a price hike in the next five years. If common sense prevails, it is the big fellows that change the consumer sentiments and not the other way around. The evidence provided for such a boost is nearly four million UK households, who are in the waiting list for a social home, the temporary credit crunch and the continuous demand for housing for many years to come.
The Future
Expert recommendation from the National Housing Federation is evidence strong enough to buy the property, now. They see the house prices rising by 25 percent in the next five years to reach £274,700, despite the recent crash. Forecasts for other regions are even better as the Nationwide predicts that the sales in Scotland will increase by 4% in the coming year while Hometrack has predicted a 3 percent rise in the Northern Ireland for 2009.