I just got sent this from the guy that sold my flat for me last year - he's having a bubble... 
Everything that goes up
must come down!!!!
Now that the harsh reality of the property market throughout the country
has set in, where do we go from here?
With many banks and building societies withdrawing mortgage offers,
and mortgage brokers unable to find any mortgage deals without either
huge arrangement fees or very high interest rates - it does seem that we
are witnessing a freefalling market where, unless you have a very hefty
deposit, its is becoming quite difficult to arrange finance for a purchase.
So far we have seen a general reduction of 10% in property values within
the SW19 area, but in comparison with neighbouring areas, the property
market here seems to be remaining quite resilient.
Of course, there are estate agents that are keeping their heads in the
sand and are still valuing properties well beyond their achievable limit.
This of course increases the disappointment and frustration in sellers,
who would accept the reality of the market if properly advised.
The truth is that unless you bought your property in the last 12 months at
the peak of the market, the current market conditions should not affect
you too much. If you are looking to move to a bigger property or smaller
property within the SW19 area then the market has been affected in
percentage terms to the same extent, and price reductions out of the
SW19 area compared to here are far greater.
The good news is what we are witnessing in the rental market, which for
the first time in many years, is seeing values rising significantly. As many
applicants which were looking to buy, are switching to the rental market
to see what changes happen within the property market; in turn we are
starting to see many investors using the price reductions and the rent
rises to secure more advantageous future investments.
The evidence of very many years, is that property is one of the best
investments that can be made, and it is particularly important at this time
for buyers and sellers to consider their personal needs without being
influenced by the ill considered and short term views of the pen pushers
who will write anything to grab a headline in order to sell newspapers.
No doubt it will not be to long before we hear from those who followed
the ill considered advise and short term views of the pen pushers with the
words “if only we had bought in 2008”
Luke Bennett
Director - SW19 Estate Agents
must come down!!!!
Now that the harsh reality of the property market throughout the country
has set in, where do we go from here?
With many banks and building societies withdrawing mortgage offers,
and mortgage brokers unable to find any mortgage deals without either
huge arrangement fees or very high interest rates - it does seem that we
are witnessing a freefalling market where, unless you have a very hefty
deposit, its is becoming quite difficult to arrange finance for a purchase.
So far we have seen a general reduction of 10% in property values within
the SW19 area, but in comparison with neighbouring areas, the property
market here seems to be remaining quite resilient.
Of course, there are estate agents that are keeping their heads in the
sand and are still valuing properties well beyond their achievable limit.
This of course increases the disappointment and frustration in sellers,
who would accept the reality of the market if properly advised.
The truth is that unless you bought your property in the last 12 months at
the peak of the market, the current market conditions should not affect
you too much. If you are looking to move to a bigger property or smaller
property within the SW19 area then the market has been affected in
percentage terms to the same extent, and price reductions out of the
SW19 area compared to here are far greater.
The good news is what we are witnessing in the rental market, which for
the first time in many years, is seeing values rising significantly. As many
applicants which were looking to buy, are switching to the rental market
to see what changes happen within the property market; in turn we are
starting to see many investors using the price reductions and the rent
rises to secure more advantageous future investments.
The evidence of very many years, is that property is one of the best
investments that can be made, and it is particularly important at this time
for buyers and sellers to consider their personal needs without being
influenced by the ill considered and short term views of the pen pushers
who will write anything to grab a headline in order to sell newspapers.
No doubt it will not be to long before we hear from those who followed
the ill considered advise and short term views of the pen pushers with the
words “if only we had bought in 2008”
Luke Bennett
Director - SW19 Estate Agents
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