Saturday, Jan 17, 2009
Boldest ramping for a while
Times: Why 2009 is a good time to buy a house
Ignore the doom-mongers — this is the year to buy property, especially if you’re trading up. Provided you’re not caught in negative equity, and can put down a decent deposit, now could be a good time to buy.
“It’s a cracking time to be buying,” says James Greenwood, of the property-search agency Stacks. “There’s hardly any competition out there at the moment, so you’ve got the field to yourself. Prices have been discounted, there are distressed sellers who have to sell and there are some real bargains to be had, anything between 30% and 35% off peak value. We haven’t seen anything like this for years — it’s probably the best opportunity for a decade.”
The message is, if you see something you like, then get on and buy it — because it probably won’t be there in six months time.
5 Comments
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1. Alan Lubin said...
if prices are only back to 2004/2005 levels then its hardly the best opportunity for a decade. Its the best price in the last 4 or so years and given that prices are plummeting it hardly looks like an opportunity.
2. nickolarge said...
It's only the best opportunity in a decade until prices drop further. I predict that will be sometime next week.
The only reason something won't be there in six months is because it will have been let. The vendor will have given up trying to sell it.
3. debtfree said...
I think you'll find the best opportunity of the decade was selling at the peak in 2007.
4. growler said...
Newspapers make money out of stories and advertising revenue. Discussion about a depressed property market when the vast proportion of your readers are homeowners (since we have 70% ownership) that are seeing their houses plummet if not already in negative equity won't help newspaper sales. The truth of it is this: If you're goign to try and make the housing market recover, you've got to see this before Easter. Expect a deluge of bogus articles from everyone. Papers desparate to drive business - and governments, desparate to get people to borrow to spend to tax.
5. Take Cover said...
There's only one reason for this story - advertising revenue