Aug 12

A drop in the property market – it doesn’t all have to be doom and gloom…

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With property still being regarded as one of, if not the best, investments one could make – the constant news of stagnation in the market, or worse still a drop in property prices is a cause for concern, as it is viewed as a reflection on the economy as a whole.
In all of this, there is some good news however, as people who have been waiting to get on the property ladder, may now be able to find a property they can afford – even though they would likely have to face tougher mortgage rules, a possible higher deposit request, and the fact that the Bank of England just raised the base rate to 0.75% (the highest since 2009). As dreadful as that may sound, provided you have the deposit, all it will really mean is a bit more shopping around for the perfect lender; but with a greater variety of houses to choose from, I’m sure this will be a welcome challenge.
On a lighter note, (arguably!), billionaire property tycoons are snapping up prime property in London for a bargain (£30,000,000 before SDLT as an example), as prices have been falling for those too.
So whether you have a few millions stashed away somewhere, or are finally able to get a foot on the ladder, the team at Richard Webster are ready and willing to help with the legalities.
If you would like to speak to any of our experts please call 02380004321 and we would be more than happy to help.

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