As the credit crunch begins to take its toll on the economy and the housing market continues to take a hit, people start feeling the need to off-load their properties as they struggle to maintain their mortgage payments.
Due to the fact the people are selling and not as many are buying, the property prices begin to plummet, making it a dream market for buyers. Add this to the fact that mortgage rates are at an all-time low & you come to the conclusion: Can you really afford not to buy now?
Need further convincing why now is the best time to buy? Then consider the following: The UK is suffering a huge housing crisis. There simply are not enough new homes being built. The lack of residential properties is placing upward pressure on prices & rents across the country, particularly in London and the South East.
The current value of a home in the UK is, on average, £176,000 but the CEBR projects that this figure will rise to over £200,000 by 2015, which would exceed prices recorded during the last peak in 2007, when the average home was worth £191,000.
This shortage of new homes is being cited as the main reason for the medium to long term rise in property prices, hence the reason why shrewd Investors are buying like crazy & would consider this a great time to invest in property.