Commercial
Michael Evans
Chris Hargreaves
Dawn Clarke
"No Regrets for Buyers"
The media is buzzing with reports of slow sales and falling house prices and it would be tempting to assume that the future looks gloomy. However, these things always come in waves, and it will probably not be long before we look back at this time and wonder what all the fuss was about. From a buyer's perspective the question is whether this is a good time to buy because prices have fallen, or a bad time to buy on the basis that they might fall further. Oddly it is probably both, for several reasons. Firstly, we should look at things in perspective and understand that there is a difference between a regular buyer and a professional property investor. Certainly investors are currently doing well as they take advantage of the fact that many sellers are now more likely to accept low offers from cash buyers. But from a "normal" buyer's perspective, in some ways it wouldn't matter if prices were to fall further after having bought, because presumably, you wouldn't be selling. The value of a property is only relevatn when it is on the market, just as the tourist exchange rate for the Euro is only really relevant when you cross The Channel. There is also some comfort to be taken from the fact that the long term trend for prices has always been upwards, so any fall could be expected to be followed by another rise before you move on in, say, four or five years time. So any immediate "losses" would probably have been cancelled out whilst you have been enjoying your home. With rising rents, property ownership remains a bedrock of our personal satisfaction and security. The key is to take advantage of the choice available to you, buy somewhere you can really call home and ignore short-term price fluctuations, knowing that the roof over your head is your own.
There was a day when a slight shift in the bank base rate or change in stamp duty could have a profound effect on property market sentiment. Yet the Bank of England's recent decision to hold interest rates is possibly the strongest signal to date that the British property market is actually driven increasingly by factors other than such things. Oil and food prices, along with foreign exchange rates have now largely replaced house prices as a driving force in the interest rate balancing act. Until recently, most of us ignored the fundamentals of the national and global economy in our quest for advancement in the property arena, and focused wholly on the word on the street as to the future of the property market. We all became economic experts, sagely stating the effect that the the latest quarter percent interest rate cut would have on "the market". Indeed, the term "the market" goes a long way towards demonstrating that we have become "market traders" over the years, rather than homeowners peacefully enjoying our chosen abode. "Get on, move on, bank the money" was the order of the day in the extended post-Thatcherite era. But it seems that all that is changing rapidly - and for the better. The complimentary or divergent forces at work on the fate of house prices are now so complex and confusing that even the experts seem to be at a loss to know what is happening. However, one thing is sure. Most buyers and sellers today are genuine people with a reason to move. They are less driven by the market and more driven by real life issues such as family, leisure, convenience, practicality, and pleasure. As an estate agent, the joy of helping people move is what it's all about. Who said the market was down?!
More than Pictures
We recognise that whilst you may not necessarily be thinking of moving currently, you probably nevertheless have an ongoing interest in the local property market, housing trends, and property lifestyle issues.
Now We Have a Baby
Becoming a family is probably the greatest motivator for a move there is, and the choice of home is usually a fairly accurate reflection of the significant social change that people experience at this time.
The Benefit of Independence
“Location, location, location” may be the cornerstone of wise property investment, yet many people are unaware of the importance of location in making the right choice of estate agent – whether buying or selling.
Buying to Let (Part One)
As pension funds shrink, many people are considering buy-to-let as a viable alternative, and with good reason. The effect of relatively low interest rates and a historically rising property market make buy-to-let one of the most attractive investments accessible to the public.
Buying to Let (Part Two)
Last week our article looked at the benefits of buying to let in principle. Here we consider some practical elements:
It’s Not Just About Selling
Many estate agents put substantial emphasis on their ability to find a buyer, and they highlight this as a primary reason to sell through them.
How Serious is my Buyer?
As the internet continues to gain ground as the first port of call for many prospective buyers, estate agents can feel somewhat swamped with buyers. The issue is not a lack of enquiries, but which of those enquiries will turn out to be serious.
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