Insurance News Archive
Property market offers 'fabulous' opportunity to upgrade
The current conditions offer a "once in a generation" opportunity to people buying and selling in the same country's market to upgrade their property, according to an expert.
Ed Mead, director of sales at Douglas and Gordon, says there is a "short-sightedness" among purchasers who think they ought to wait to sell their property as prices have fallen.
He claims that there is a "macho" attitude in the UK, where people refuse to sell houses and flats for less than they paid for them.
"The point is that they will get more for their money. If you are buying and selling in the same market then it is a fabulous time to upgrade," Mr Mead states.
According to the Rightmove House Price Index, the asking price for an average property was £216,163 in February, which is a rise of 1.2 per cent from January figures, but a decline of 9.1 per cent compared to the same month in 2008.
20 Feb 2009
