British property investors: hold on tight until 2010
If you’re desperately holding onto property you’ve paid a pretty penny for and praying to the God of Housing every night for redemption in the form of rising house prices, then fear not, your prayers might be answered. You’ve just got to hold your nerve until 2011.
According to The Home Truths 2008 report, 2011 is the end of the property Apocalypse. There’s no mention of exactly what day or time, but apparently salvation is on its way.
The report suggests that prices will continue to fall over the next couple of years, before perking up again by 2010 and making a full recovery by 2011, when the average cost of a home should have risen by 25 per cent to £274,700.
Up, down, left, right, feel sick yet?
Good news it seems. However no one appears to have told accountant firm, Deloitte, who have also released a 2010 property price story. Only theirs is at the moodier end of the spectrum. A comment from Deloitte’s reports is published on Thisismoney.co.uk, saying: ‘We now expect UK house prices to fall by about a third by the end of 2010 with severe adverse effects on household spending and investment.’ Right, we’ll put the party poppers away then.
Decisions, decisions
So what do you do? Snap up property now while it’s cheaper and watch your investment take a nose dive before it grows over the next few years, or put your faith in the accountants and steer clear? Depends on your opinion of accountants I suppose.
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