Subscribe Feed (RSS)Is the market bottoming out?
August 1st, 2008 by Karelia | Filed under Property Market News.Musings of a London Property Search Agent
This is a question raised by Judith Heywood in her column in Bricks & Mortar in The Times today with quotes from experts including the Head of Research at upmarket estate agents Knight Frank and others.
The Times also reports that people selling now tend to be desperate, so may well accept a low offer, particularly if they have decided to sell at auction and reports that savvy semi- and professional investors are returning to the auction rooms after a couple of years of staying away. It is a sentiment we share. We last bought at auction in the slowdown when a crash was widely forecast in 2004. We sold with a 25% profit 5 months later, but the markets then surged and we didn’t spot any more auction bargains for a while.
It is all about timing.
Ray Boulger of mortgage broker Charcol, whom we deal with is to the point with his quote in The Times today:
“The challenge for buyers – who will, in the main, hold off until it’s too late – is to get in while it’s a buyer’s market.”
You’ve been warned by an informed London Property Search Agent
Tags: Buyers market, Buying at Auction, House Prices, London House Prices, London Property Search Agent
