House prices fell by 1.7% during April 2009. Halifax Figures show.
May 6th, 2009Not exactly a suprise is it? House prices will continue to fall until they get to nearer where they should be. Credit has tightened up, no longer can you get 10 x your salary to purchase an over inflated priced property, it’s now getting to near 4 x your salary so house prices have to continue to fall until they become affordable.
People say it’s all negative talk, but it’s reality. House prices are too high, first time buyers are out of the market, the plug is conituining to be pulled from the housing market.
It is quite clear what is happening in the housing market. Prices nearly trebled from 1997-2007; there is a correction taking place and the bottom will not be reached for some time yet.
If news reports filter to the media that there are ‘grass shots’ then these will inevitably come from those with vested interest in property and property gaining in value. As a buyer I would recommend that you wait at least another 6 months before you buy and even then you will still see a drop in house prices for another year or so. We have yet to see the market bottom out and remain flat, then will be the best time to buy.
Leave a Reply
You must be logged in to post a comment.