Now is the time to buy
Amongst all the economic doom and gloom of recent times, Dartmouth properties are finding buyers or at least, the correctly priced properties are. This year has been a real roller-coaster with the lack of the usual upsurge in demand during the spring period and yet the usually quiet school holiday summer weeks have been very buoyant. I have tried to analyse the situation and can only think that with the huge volatility that we are seeing in the world’s stock markets, political uncertainty and the savings in the bank earning little or no interest, property still seems a good bet. Yes, property prices have fallen over the last few years and we are unlikely to see a large amount of capital appreciation in property over the next few years. However, buying a holiday home in Dartmouth is now better value than it has been for some considerable time and with excellent holiday or long term rents being achieved, buyers/investors can see good returns.
There is huge demand for property and especially rental property at the moment, although once the economy turns and the banks become more lender friendly, this huge rental demand is likely to switch to buyer demand. This is when we will see an increase in prices of course. When this will happen is debateable, but the fact is that it will happen eventually and it looks like the next twelve months could well be the best time to purchase a property for years and years to come. The figures of 18-20% reduction in property values since 2007 are being bandied round, but this does vary from property to property and dependent on position. Let’s face it, the probability is that prices will continue to come under strain in the short term, but for those people who are in a position to buy, whether it be their first home, a new home or a second home, my advice is to strike while the iron’s hot.
As we look forward, we hope the busy selling period will continue into the school half term at the end of October.
Richard Blake 01803 832288 www.richard-blake.co.uk
First published October 2011 By the Dart
