Property Viewings up By A Half
Another week another set of predictions, another set of figures…
Following on from what I was saying on Monday about the demand for housing rising in the next year, figures for property viewings have risen 50% on figures for the same time last year according to Hamptons International. Many of these are first time buyers attracted by the crazy low mortgage rates and the deals available on property plus the new legislation on Stamp Duty, most of the rest will be people with extra cash they are not trusting to savings accounts, ISA’s or pensions.
Another new feature is the increase in the number of overseas buyers who are taking advantage of the low pound and low property prices.
If you saw the Channel 4 news last night you will have seen the most dire prediction yet about the recession/credit crunch ie that we could be in for a decade of recession rather than just a couple of years. I dont see that happening, however by the Autumn we will know the worst, the smart money will be on some sort of recovery by 2011 or late 2010, this is based a rise in prices rather than a return to the inflated property prices of 2007. The media seem to try to be outdoing each other for doom and gloom, rather than playing a positive part.