According to the Building Societies Association it is now “The best time to buy property in over ten years”. Now this statement alone could excite many first time buyers/ budding property investors, however it may also confuses many people who have been hearing nothing but doom and gloom stories from the media for the past two years relating to anything financial. But first let’s not get carried away and look at some cold hard facts behind this statement and find out if it really holds true.
Firstly at the beginning of 2011 Halifax recorded its biggest single monthly drop in house prices in over 27 years a massive drop of 3.6%. Although the bank described the sharp fall in house prices as an “intake of breath” moment. The underlining fact is that there have not been any significant rise in house prices in over the last 18 months. In February 2011 it was announced again by Halifax that house prices had dropped by a further 1.55%. These consistent drops in property prices clearly indicate that the current UK property is definitely favouring the buyers rather than sellers.
Now let’s look at another factor which affects property buyers and that is the current interest rate. Which is currently still at a record low of 0.5% and has been set at this for over 2 years now. This is very good for individuals who are looking to borrow funds i.e. buy property UK with a mortgage. The facts are that today is a great time to purchase property never have we seen such a shift in power from property sellers to property buyers than now. The majority of property owners understand that the current property market is very slow and flat and any attempt to sell their property will likely end in them receiving offers at a very reducer price.
With all that said for the individuals that have always wanted to invest into property but have been a little reluctant to today’s market is totally prime for property buyers to build long term wealth, whilst buying property at a time when prices are so low.
As a full time property investor in the last 3 months I have had around a 70% increase in the amount of enquiries that I receive from property sellers who are looking to sell their property at a reduced price quickly. This again is the story I hear from many other investors who are still actively buying or sourcing properties, do not be fooled there are still plenty of good property deals out there even in a recession. So I urge you if you are truly interested in purchasing property & building wealth there really is no better time to act than right now.
Many people would happily inform you that the UK property market is dead, and that there are no mortgages or good properties available for sale, but that is clearly not the case for the individuals who understand the property market and have spent years working and building good solid relationships within the industry.
Facts don’t lie there has never been a better time to bag yourself a bargain property than right now, and with Creative Financing I have helped hundreds of individuals do exactly that with little to none of their own money, whilst allow them to benefit from tens of thousands in equity.
My name is Alex Bailey & I have other 30 years’ experience in the buying & selling of UK residential property. I am also currently one of the directors of the Propsavvy.
The Propsavvy is a finance mechanism which allows you to purchase UK property without paying any of the traditional fees associated with buying a property. This includes paying no stamp duty, deposit, legal fees and agent fees.
The Propsavvy provides a fully comprehensive service from start to finish, that includes sourcing your property, negotiating on your behalf, getting you the best possible mortgage to suite your circumstances whilst saving you tens of thousands in fees.