Can you still get on the property ladder?
January 11, 2009 by Brendan O'Neill
Advice & Tips
Stepping foot on the property ladder is the dream and ambition of most couples starting out in life, however due to the current economic climate and the reluctance of many banks to issue mortgages to people unless they have at least a 25% deposit means that it has become increasingly difficult for anyone to get on the property ladder.
The question many people ask is, with the property market in a downward spiral, is it a good idea to invest in property at this time, even if they are able to secure a mortgage offer. House prices aren’t expected to recover within the next twelve months, indeed many experts claim that they’ll fall further, and it could be as much as two years before we see any halt to the drop in property values. This doesn’t mean however that there isn’t money to be made in property, if that is, that you’re willing to look for the long term investment.
The property market is on a downward spiral, but the drop in prices won’t last forever, and as the global economy recovers the prices in property will rise accordingly. As such, anyone able to invest in the property market now will find they’ve made a solid investment for the future.
Written by
Brendan O'Neill
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