Insurance News Archive

First-time and foreign investors 'make most property enquiries'

Many property purchasers are reaching for a bottom in the market, while first-time buyers and foreign investors currently represent the majority of enquirers into housing, according to an expert.

Ed Mead, director of sales at Douglas and Gordon, says many people who are trying to step onto the property ladder are thinking that it is not such a bad time to buy.

"It's quite encouraging to see them back in the market," he states.

Mr Mead asserts that purchasers will be targeting London as a good opportunity as housing has seen larger falls in prices in the capital than in other areas in Britain.

"You're looking at at least 20 per cent [drop in value] and in most instances a little bit more than that," he confirms.

Nationwide reported recently that UK house prices fell by 16.6 per cent in 2008.

In January this year, they decreased by 1.2 per cent, with the average value at standing at £150,501, representing a slower decline compared to the 2.5 per cent fall in December.

23 Feb 2009