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Latest NewsNews ArchiveLooking Ahead To 2008If we cast our minds back over the last few years, whilst price growth in the market was exceptionally strong as we passed the Millennium there have been slower rates of increase over the last three years indicating a soft landing rather than a boom-to-bust scenario. By mid-2007 the effect of five rises in interest rates was being felt and the summer market slowed. Matters became more exaggerated, however, by the demise of Northern Rock prompting endless media predictions of a property slump resulting from the credit crunch. It could also be argued that some lack of clarity caused by the introduction of HIPs (Home Information Packs) lead to less property coming to the market, although the cost of HIPs are far less than had been muted (see HIP article in this news letter). So what's in store for property buyers and sellers in 2008? Most pundits predict a drop in interest rates sooner rather than later and this, coupled with the seasonal desire to move as we emerge from the gloom of winter, should lead to increased activity and a steadier flow of sales. Price levels may be under short-term pressure but the likelihood is that as a little more confidence returns house prices will remain relatively level. As is often the case the message is realistic pricing to achieve results. If you require professional and experienced marketing advice Wiglesworth & Co. will be pleased to oblige. |
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