| Maybe you would love a pretty cottage up in the Highlands or a fancy warehouse in one of London's chic areas. Property prices are at present falling so your dream home maybe achievable. Consequently if you have some cash in the bank and are able to get a mortgage, it might be the time to buy that nice new home! For this country, such a fast drop in property values is extraordinary, but when the market starts to rise, the enormous benefit that buyers have now, will be lost.It would be worthwhile looking at new developments. With lots of building contractors in financial trouble, the savings available on newly built houses are fantastic. Bargain hard and be able to walk away if the price isn't right - there are plenty more on the market. One of the big developers has a one bed roomed flat on the market at Great West Quarter, a development of some 770 plus apartments in Brentford, for 190.000 pounds, down from 235.000 pounds. A business man and his spouse, have bought a couple of flats at this development: they purchased a 3 bed flat last year and then a one bed flat a few months later. The latter cost 200,000 pounds, which is about 50,000 pounds lower than the price a year ago. As you can imagine they were delighted with their purchases and despite market conditions are confident for the forthcoming years. In destinations favoured by Londons City executives, the property values have been badly affected. The short supply of mortgages hasn't helped the situation. A lot of these properties are in South-West London - Wandsworth, Richmond, Putney, Barnes and Fulham - where prices have dropped by around 16 per cent in the year. In the popular area of Kensington, house prices are now 19.4 per cent lower. In East London the property market is much slower and to achieve sales prices have been slashed much more. As an example, a development in Wapping had four one-bed apartments on sale for 325.000 pounds, but these were all taken for 250,000 pounds. And in Central London a lovely two bed roomed pied-a-terre, which was valued at 650,000 pounds, will only fetch 500.000 pounds because purchasers don't want to pay the extra 1 per cent stamp duty. Some estate agents say, the best deals are to be had in the suburbs. City centre properties have dropped by up to 30 per cent and prices are now beginning to settle.In places like Liverpool, prices have dropped significantly, for example the City Lofts scheme on Waterside. Last year apartments that were 330 pounds per sq ft are now on the market for 240 pounds per square foot. In Hambledon, Surrey, an attractive three-bed cottage is now on the market for 585.000 pounds, after being reduced by some 40.000 pounds. If you bought this cottage you would be buying for less than it was worth a couple of years ago, and its even been updated. Home owners have an improved chance of moving up the property ladder when prices are lower. Also these lower prices offer buyers with cash chance to buy larger properties in better areas, which may previously have been out of their reach. Property owners may loose out on the sale of their existing home, but gain substantially on larger and higher priced properties when they trade up. Buying a house want a Mortgage, visit Brokers Online. Brokers Online also provides its clients with Life Insurance and many more financial products. |
