Q. I was really hoping to get myself on the property ladder this year, but there seems to be a fair amount of scare mongering going on in the property market right now, what is your opinion?
A. The New Year is a time when many of us turn our thoughts to buying for the first time. You are correct; there is certainly a great deal of negative talk within the property market right now. Everyone has a different opinion on how the year will pan out. The bank of England held the rates again last week which is obviously good news, I believe this will be followed up by one or two more cuts early this year to address the current economic squeeze. With the rates becoming realistic I think you will find the market will pick up, particularly in this area. As I have said before in this column, canary wharf is indeed a market like no other, and always seems to ride the storms far better than other London areas. I think the prices will likely remain static, for at least the first half of the year. There is likely to be less property around for sale too, as Vendors play the waiting game which will also add to the prices remaining static and perhaps even starting to increase later on in the year. Is there ever 100% a right time to step on to the ladder? All I can say is the sooner the better, property is a gamble but one that usually pays off. What are you waiting for?