June 30, 2008

House prices remain low until 2015

It may be some time before the prices of property return to levels of what they were before the credit crunch; according to a top government advisor these prices will not reach that level until 2015! This is a daunting prospect for many people who have seen their property prices drop slightly, but it does not have to be all that bad.

For families and other home owners who are not looking to move within the next five or six years, the state of the property market will not have so much of an effect as those people who are looking to buy or refinance.

Property is an investment, and it should be looked upon as a long term savings plan. Sure there was a time when a quick profit could be made, which is great, but you are always going to need somewhere to live, so even by selling at a profit the prices of other properties will be rising too.

Source [Telegraph]