Tuesday, August 30, 2005

Make Sure you negotiate a big discount for your next property investment

Guardian Unlimited House prices drop despite rate cut
Press Association Monday August 29, 2005 5:08 AM

House prices fell for the 14th month in a row during August with the cut in interest rates doing little to revive the market, figures showed.

The average cost of a home in England and Wales fell by 0.1% during the month, following July's drop of 0.2%, according to property website Hometrack. The group said prices had now fallen by 3.7% during the past 12 months to average £161,000, nearly £7,000 less than in June last year, and the market was showing no sign of imminent recovery.

John Wriglesworth, Hometrack's housing economist, said it was a buyer's market with people generally securing discounts of well over 6% of a property's asking price, the equivalent of around £12,000 of savings on an average priced property.

If you're aiming to buy further investment properties you should be looking for a big discount in today's market. However I think there will be even better bargains in the months to come as amateur property investors get squeezed out.




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