Although house prices are predicted to fall again in 2011 and mortgage lending is at its lowest for thirty years, a recent survey suggests that two thirds of consumers think this could be the right time to buy property. Many people believe the current downturn in property values presents buying opportunities.
The Royal Institution of Chartered Surveyors (RICS) recently forecast that the narrowing gap between the number of properties coming onto the market and the demand for homes could mean that prices will stabilise by mid 2011.
Conveyancing Associate, Helen Jones, says "Buying into a falling market is a good way to upsize or for people looking to get on the property ladder, especially in an area like Bournemouth and Poole, where property prices are quite high anyway. Although you will get less money for the property you are selling, you will save on the property you are buying and the saving and eventual profit will be greater."
The mortgage situation is expected to remain tough for 2011, although people with cash deposits or substantial equity in their home should have little trouble in securing mortgage finance. It is likely to remain a buyers’ market for some time yet and buyers in a position to purchase should make the most of the opportunities.
Our Conveyancing Team is one of the most competitive and efficient teams in the Bournemuth, Poole and Christchurch area. We will be happy to advise you on all aspects of buying and selling property and offer a full explanation of the process and a free quote. Call Peter on 01202 491711 for a quote on a property purchase or sale.