Geoffrey Donoghue of Always Marbella property sales and rentals, reports on the latest news and events. For more information please visit Always Marbella’s website at www.alwaysmarbella.com
With the property market still weak and house prices expected to fall further in 2011, many commentators are claiming this could be the year to bag a property bargain.
New research from the Building Societies Association (BSA) shows that public opinion about buying property in 2011 is positive. According to the findings, nearly two-thirds of us would buy immediately or within the next year, given sufficient money.
But while low interest rates and competitive property prices may be tempting you to dip a toe back into the market, is this really the right time to buy?
Should you cash in on current property prices?
Well, a lot depends on your reasons for buying. If you plan to purchase during the next 12 months, you could find yourself buying in a falling market. That said, few property experts are predicting prices will fall sharply.
Nationwide’s chief economist Martin Gahbauer said there was little evidence to suggest house price declines will accelerate in the months ahead and Martin Ellis, Halifax’s housing economist, expects house prices to remain “broadly stable” during 2011.
The Royal Institution of Chartered Surveyors (RICS) also says prices are likely to continue to slip over the coming months but that the lack of supply in the market is likely to prevent significant price declines.
With this outlook for 2011, it may well make sense for those looking to take the first step to buy in the next 12 months to take advantage of lower house prices.
The same applies to those looking to upsize. Even though you will get less for the home you are selling, you will make savings on the property you are buying and this is likely to be the bigger sum.
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