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March 6, 2008
Housing prices in the UK dropped by 0.5% last month - as a result, the value of the average house in the UK is approximately £179,358 at present.
However, according to the TimesOnline blog, these falling prices are not inherently bad.
The author points out that these prices can allow people who previously could not afford to buy real estate, a chance to own property. Further, the lower prices can also be counter-intuitively beneficial in the situation where individuals wish to upgrade to a more upscale property.
As an example, the author states: “Say your flat is on the market for £250,000 and you are trading up to a £400,000 house. Prices in your area fall 10 per cent meaning you take a £25,000 hit on your flat but the price of the house drops by £40,000 to £360,000. That’s a net gain of £15,000.”
That said, he goes on to say that you should not expect “rock bottom” prices especially in London, the South East, and in Scotland.
He also recommends taking a look at, propertyforecasts.co.uk, a site that predicts what future property prices will be like in the next five years - full reports from this website sell for 15 pounds.
Advice for Sellers
For sellers, he advises that individuals post realistic asking prices. For instance, he suggests that sellers ask for only approximately 5 percent more than what he or she may expect to get on a sale.
He goes on to say that a seller’s flexibility with regard to move-in dates and the like can make a home purchase more appealing.
In addition, he states that sellers can build onto their properties if they want a larger living area, and increase the value of their homes in turn. He specifically states, “By adding 300 square feet of floor space made up of an extra bedroom and bathroom you can add over 20 per cent to the value of your property. Turn a two-bedroom house into a three-bed and you can increase its value by 12 per cent.”
Of course, if individuals do not need to sell right away, he advises that it is best to hold onto a property, as the value will probably go back up in time once again.
Read the whole article here.
A variety of property shows take place each year and they’re a great opportunity to source information, discover new property investment opportunities, chat to developers, learn from the experts and generally find out more about what’s hot in the property world. One event that’s coming up soon is the Invest in Property Show and, whether you’re a budding property investor, or a long-term established investor, it’s the ideal place to go.
The Invest in Property Show 2008: City Edition is now in its third year and is being held at Old Billingsgate, London between 27th and 29th March 2008. It runs from 10am to 6pm every day, plus has a late opening to 8pm on Thursday. The show location is conveniently situated for the City as well as for London and the south east in general. In fact, this will be the first time that the show will be held in the heart of the city - ideally located for transport links - and close to many historic sites, bars and restaurants.
One hundred industry experts will be giving key seminars over the course of the three days and there will be over 20 investment briefings and a range of master-classes, workshops and advisory clinics.
Amongst the many key free attractions at the Invest in Property Show 2008 are:
Peter Conradi, Property Editor of the Sunday Times, will be hosting Parkinson-style interviews with some of the most successful names in property investment. He’ll be exploring the secrets of their successes and how they overcame the many challenges associated with profiting from property investments.
A range of 30-minute briefings will profile individual market opportunities and drivers, alongside offering practical advice from those with local know-how within international growth markets. These will include Brazil, Poland, Bulgaria, Spain, Romania, Turkey, the UAE and Ukraine, plus 10 other countries.
A series of one hour sessions will provide independent, practical advice and education to active and aspiring investors looking to maximise returns from property markets.
Other features include courses for landlords, guest appearances from high profile property celebrities, an advisors briefing, the Property Index Internet Zone and a series of 90-minute intensive classes on Friday and Saturday (for an additional charge of £55 per class)
A wide range of property companies will be exhibiting at the show, many of which specialise in overseas property and off-plan developments. These include, for example, Cyprus New Villas, a property developer and construction company, Experience Bulgaria, a company specialising in property in Bulgaria, Casa Dubai, who specialise in commercial and residential property in Dubai, and Aphrodite Hills, a sought-after development in Cyprus.
If you’re keen to attend the Invest in Property Show 2008, you can pre-register now for free exhibition tickets. Alternatively, tickets can be purchased on the door for £10. For an insightful taste of what it will be like, including the views of exhibitors, you can watch and download a short preview video here.
The official show partners this year are The Sunday Times, PropertyIndex.com, Square Mile Magazine and Trader Monthly.
If you’re involved in investing in property in any way, be sure not to miss this one!
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