Grab a bargain in the January market
Whilst the market has seen some falls in recent weeks now may be a time to snap up a bargain before the spring market returns. Judging by recent comments by the Bank of England it seems unlikely that interest rates will be going up until the latter part of next year which means prices could well start to rise again in 2015.
With money still cheap to borrow for those of us that are lucky enough to get a mortgage there are some bargains to be snapped up particularly in the London area. Not everybody selling can wait until next year and there are some sellers that will reduce the price of their homes if you can move quickly.
The number of buyers has shrunk over the last couple of months due to a number of factors but there is every likelihood that this will be reversed in 2015 as buyers come back into the market again. Over a third of the properties for sale on the property website prime location.com has seen prices slashed in recent months as sellers look to move on. Next year is election year which is also traditionally a quiet time in the property market as buyers and sellers wait to see how they will be affected financially.
The governor of the Bank of England has said that his current forecast is that interest rates will remain where they are until the end of next year. Of course you can wait to see if the market falls further but according to the Halifax house prices are going to increase next year by around 5%. The dramatic price increases of the past two years are unlikely to continue but even a 5% hike in prices means that the average house price in England will increase from its current level of £186,000 to £195,250.