Property Presentation Services

2009 - Just gloom and doom?
12th January 2009 - 11:37

Are you depressed about the state of the housing market and worried about the future? It is understandable if you feel that way, but January is a good time to try and find some positive thoughts about what is happening in our economy and how it affects the property market.

House prices may be falling but it is RELATIVE. If your property is worth less than this time last year, the same is true for most other properties. The only real dangers are if you fall into negative equity or if you have to move to an area where prices have fallen less than yours. Yes, you may be less wealthy in terms of the value of your assets, but this wealth may return over time. If you don't need to get hold of that wealth at the moment then just sit tight and wait for the market to improve.

Mortgages may be more difficult to find, but for those on tracker mortgages where their lenders are passing on interest rate cuts, their wallets are a little fuller than twelve months ago. Along with the recent drop in petrol prices, these cuts are helping to keep things going.

The credit crunch is bringing some reality to the housing market. Whereas a couple of years ago buying property was looked at as a way of profiting from speculation, there is now a return to more homely values. Given that moving is proving difficult, the time has come to regard our property as a home not a cash cow and spend money to improve it for our own benefit. If we are going to have to stay put for a few years let's at least enjoy our surroundings. Improvements need not be expensive and, as long as we improve with an eye to selling at some future date, we could be adding value and making our property more saleable, as well as making our lives better.