The market drop in 2008 and why now is a good time to move

During 2008 we saw the property market slow down considerably, where people only moved if they had to. With dropping house prices and difficulties in acquiring a mortgage most homeowners put off moving during 2008 and concentrated instead on improving their existing property.

This mass exodus from the housing market was the result of a combination of factors. These included:

1. Mortgage and business loan finance was far too easy to get hold of with scant attention being paid to the risk factors.
2. High mortgage and loan commissions enticed lenders agents to massage the figures for greater payback.
3. Bad debt increased as businesses and homeowners alike, struggled to repay the loans.
4. The resulting shortage of finance led to the collapse in confidence in the financial markets.
5. This in turn led to a fall in public confidence and the stagnation of the property market as more and more people decided not to move.

We are now nearing the end of 2009 and thankfully things have improved considerably this year. Whilst it is true that properties must be correctly priced and well marketed, we have seen properties selling faster and closer to the asking price during the third quarter of this year. You can see our market report for July-September covering the Ipswich market here.

It is currently a good time to move for the following reasons:

1. Buyer and seller confidence is increasing, leading to more properties coming on to the market.
2. Buyers moving up the property ladder still stand to benefit from the percentage ratios when buying more expensive properties
3. First time buyers and people buying properties up to the £175,000 price mark will not pay stamp duty on their property if they complete before 31st December 2009.
4. There are still bargains to be had in all price brackets where people need to sell quickly and this can benefit people wanting to move or invest in property. These are drying up quickly though, so act fast if you want to take advantage.

If you are thinking of buying or selling a property, contact us today. We can provide you with an accurate valuation of the property you wish to sell and have an extensive range of properties for sale in all price brackets, including houses, flats and bungalows.

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