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October 2005 Although the air is thick with caution, trading remains brisk with the key factor (as in any business), coming down to supply, demand and correct pricing.
With our local vendors over the recent years having enjoyed huge increases in their property values, the time has come where buyers are now, more than ever, seeking VFM (Value For Money), and having educated our vendors of this fact , those that are serious about selling have adjusted their prices accordingly. With the majority of our vendors having a sizeable equity base many are prepared to drop their price in order to achieve a sale, safe in the knowledge that they will benefit from a reduced price on their forward purchase.
Trading in some of the most accessible and affordable areas of London, we benefit from an inexhaustible demand from buyers and tenants keen to take advantage of this fact.
With the afore mentioned caution in the residential sales market, we’ve noticed that our selection of properties available to rent has been decreasing due to demand from tenants. Great news for Landlords and Buy-to-Let investors! Obviously a large number of potential first time buyers are “sitting on the fence” and choosing to rent accommodation whilst the residential market adjusts.
Naturally, other parts of London have seen unbelievable growth in value and are now adjusting on a greater scale.
For any potential purchasers, my advice is that now is a great time to buy. With prices still adjusting, buyers who are ready to proceed will capitalize and can obtain a great deal. If there are no further interest rate rises or dare I say a decrease in interest rates, then I predict that we will see a rush from all those first time buyers and investors that have been fence sitting.
My advice is don’t miss the boat or you may have to pay later.
You can email Stuart with any property queries or questions at:
stuart.goddard@time2move.com
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