Don’t you just love the speculation about prices? At the start of the crash it was prices will fall through 2009, 2010 and will start to rise by 2011. Now the latest is prices will fall only a further 6% and then rise at the end of the year.
They believe the worst is over, the rate of fall has slowed and the recovery is in sight.
Now look. I am only 37 and this is the first recession I have experienced whilst being an adult. I have no experience in predicting property prices or GDP growth. This is because it means nothing to me!
However when a bank, who’s business it is to know where property prices are heading as they have literally billions riding on it, you have to kind of listen up.
Lloyds, who have a 30% share of the mortgage market, have clearly stated they think prices will be up by the end of this year. So what does this mean for us investors? Well in reality nothing as it is just an opinion which has been heavily researched however you have to give it some thought.
Could we really be seeing the end? I really hope not. I am just getting my team in gear to go on massive buying sprees and I do not want to get priced out by first time buyers. But we really could see the end to all this doom.
I had some guests over on Saturday and they stated that everyone they knew were quietly doing better than they were 12 months ago. Their personal mortgages had fallen, goods cost less and they still had their jobs. To me that is good all round isn’t it?
All we need now is people to get back to work. This must happen since everyone should be spending that extra cash they have due to lower mortgage costs etc. So lets see it filter through and bang before we know it this recession will be one of the quickest in history!
So if you are wondering if we are in a window of opportunity then I have to say we are. We probably have at best only 9 months left to buy. So get your buying head switched on and get hunting.
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Posted on: 10th May 2009