Avoid buying property
I may be stating the obvious here, but don’t go for property buying… please. Having heard an estate agent on Radio 4 this morning affirming that ‘I can see light at the end of the tunnel‘, I can only assume that he’s either being absurdly bullish or that he’s got extremely good eyesight - I suggest avoid buying property.
I also read this week of big foreign property companies snapping up job lots of offplan flats in London just now, at a 25% discount. These of course are people looking at long term places to stash their cash - in the firm knowledge that prices will probably drop a good bit further from the discounted price.
It’s very hard to get mortgages just now and they are expensive, so many purchases simply fall through anyway. Unless you absolutely MUST move, sit tight and don’t go 4 property… there will be bargains later, much later. Stay put, ask yourself how much is my property worth and how can I improve the value so when the market does pick up you’ll profit.
Links: Buying offplan in London
