Most economists are painting a gloomy picture ahead. They are expecting a 5-14.5% drop in value in house prices this year. We have already seen a huge drop off on property prices in our areas, pre Covid-19. Our reality is that we have had very little capital growth over the past few years and this may further impact our property values.
Many homeowners have empty homes that will be looking very bad now, with no gardeners or maintenance issues being sorted. I am concerned about these properties as well because they will also lose further value. Some homeowners are going to stay where they are and ride this through until the market picks up but, some are not going to have that luxury.
We have seen many different property cycles over the past 30 years and with this, many opportunities. So, my message today is, if you want to upgrade your home or, invest in your property portfolio, this is the time to do it.
With interest rates at an all-time low, this is your window to take action. The upsurge of interest in listings on our website is showing us that buyers want to buy now. If you are a committed seller, take this opportunity to move your property and if you are a buyer, this is the best opportunity in years to secure a home.