Subscribe Feed (RSS)Buying in an uncertain market
May 28th, 2009 by Alison | No Comments | Filed in Brighton Property, Brighton Property FindersMusings of a Brighton Property Finder
Undoubtedly there are still fluctuations in the housing market and it is likely that these fluctuations will continue early into 2010. The British Bankers Association spokesman, Derek Dooks, reported a net lending increase in April although not as vigorous as in March. He believes that mortgage lending has stabilised slightly. Howard Archer from IHS Global Insight holds a similar view that €˜housing market activity has very likely passed its worst point€™ but predicts a €˜gradual€™ and €˜fitful€™ pick-up due to the €˜very poor economic fundamentals and still tight credit conditions.€™
So where does that leave us? We, Property Finders, believe that there are good opportunities for all groups of buyers. Most estate agents are advising their clients that, if they really want to sell their house, they may well need to accept offers. This is borne out by comparing prices achieved with asking prices. Our expertise and knowledge of the London market is a good starting point for buyers, as our interest is in achieving the most realistic price for our clients. We also pride ourselves on our negotiating skills, agreeing deals based on up-to-date knowledge of the market. One advantage of tighter mortgage lending controls is that, if a buyer has confirmed his/her mortgage or other borrowing arrangements before they actively start their search for a property, then they will be in a very strong position indeed. Our experience with vendors confirms our belief that they will accept a prudent offer more easily, if it is accompanied by a proposed exchange and completion date and the buyer can demonstrate willingness to proceed e.g by getting the survey done PDQ and of course the magic words €˜cash buyer€™ spark real interest.
Our firm advice is that it is a good time to buy €“ so whether you€™re looking for a new home or simply a buy-to-let investment with a good yield €“ you know the Brighton Property Finders in the know!
