Market Update & Bournemouth Air Festival!
Before I launch into my latest update, let me tell you that this week, from Thursday 19 – Sunday 22 August, it’s the Bournemouth Air Festival – by the sea and completely free! So, if you have been considering relocating to the coast why not combine a visit to the area with one of it’s biggest and most popular annual events?
I will be exhibiting on East Overcliff Drive, Zone 6 for all four days so if you are in the area please come along and say ‘Hi’ - it’s just me and my dog so I’ll be grateful for the company!
On to the update…….
There’s doom and gloom in the news again, about the dreaded ‘double-dip’, a stalling of the housing market and a further decrease in house prices. I do not understand why this is always considered such a cause for concern? I agree, if you are selling and not buying, then it’s probably not the best time, and if you need to downsize, again, if you can, wait until the market picks up a bit. However, there are still many purchasing situations where you’d be mad not to consider buying now!
- If you have been contemplating buying a property as an investment – now is the time to look out for the right property at the right price. You could benefit from some rental income until the market improves and then, if you sell in a more buoyant market, you should be quid’s in.
- If you have long dreamed of upsizing but have not been able to justify doing so – rejoice! Yes your house may drop in value, but the property you are buying will have reduced by an even greater amount. For example; a 10% reduction on £500k is far greater than a 10% reduction on £200k. Please ensure that you do your sums and be certain that you can afford the mortgage if one is required.
- If you would like a second home or holiday home – bargains are out there to be had, you just need to be prepared to negotiate (or have someone do it for you), have the finances in place and act quickly.
- If you have been struggling to get on the property ladder - you will still face the problem of securing a mortgage but at least you won’t need to borrow so much.
It is important to remember that when you are buying AND selling it is all relative; if prices are falling, you may ‘lose’ money on your property, but you will also be paying less for another.
It is also essential to remember that whilst there may be some bargains to be had, finance is not so easy to secure in the current climate. Please do not borrow more than you can afford.
If finance is not a problem and is all in place the only thing left to ensure is that you are ready to act quickly – bargains and the best properties will not hang around for long.
If you do not have the time or the inclination to search for yourself, or you do not live in the area, using a property search agent is the perfect solution. Our services are no longer the reserve of the rich and famous or just for TV viewing, we are accessible and affordable to all – and more often than not we’ll save you money.
