House Prices fall by 28%
Property prices in the UK have slowed their fall and are set to level off at around 25% to 28% from 2007 values. The panic in the market seems to be over and most lenders, borrowers, media types and experts are coming to the concensus that late 2009 will see the bottoming out and 2010 will see the recovery machine going into operation.
How long will the low mortgage rates survive Gordons borrowing crisis? People enjoying a temporary bit of relief from their mortgage woes will want to know when this bubble will burst, budgeting has never been so hard-knowing what is going to happen in a years time rather than just saving every penny we have even though the savings rates are so low.
One group of people who have doing their bit for property sales in the UK are MPs. With MPs claiming millions for properties (some further away than their own, some never lived in at all) we are all paying for some better paid people to get themselves a start on their property empire. Personally I dont see why the government does not buy a block of flats somewhere and house them all there, although they would still find some way of ripping us off! Hazel Blears changed the home she claimd as her constituency home twice a year, claiming expenses on that property and selling it later without paying 40% capital gains tax. Assuming this is one of the common dodges how many MPs are using the property market to feather their nests?
I just sold my property and only lost around 20%, and made more than that buying the new one hopefully when the price go back up! Just depends where you buy, as soon as people stop being so precious about making money on their homes and get the bigger picture the recession will be over. There is always cash to be made in property!
Comment by Glen — 15 May 2009 @ 12:39 pm