If I could get my hands on a Crystal ball right now I would be a very happy lady! Why is that, I hear you all asking? Simply because this week I have been inundated with people, from reporters to sellers to buyers and the every day man on the street asking for my overview of the property market right now. The answer is that no-one really knows where we will be in the next couple of months let alone the next year. Last week we saw the Bank of England cut the rates by ½% which of course was most welcome and expected. However, it seems that few lenders have passed the cut on to their customers and rather than having the desired affect of more attractive products to offer people, it seems in fact most lenders still maintain extremely cautious lending criteria.
Property is still selling if vendors are willing to part with them at competitive prices. I have met several people this week that are more than keen to buy at the ‘right’ price. Speaking to my sources in the financial services sector, I think it’s safe to say they are confident that rates will continue to go down over the next year, so if you are thinking of buying then this could be a great opportunity to buy now at 2003 prices. My comments for now remain the same as I have said to everyone else this week, lets just coast through till Christmas and see what happens when the daffodils start to come up!