Price drops spell long term gloom?

08 July 2010

Should you be worried by the dip in house prices announced by the Halifax and Nationwide this week?

Not in my opinion and here's why: the last few months has seen a mass of property suddenly coming onto the market after HIP's were finally dropped. This in turn, created a short term glut of choice for the many buyers who are looking at the moment. When faced with a choice of property, buyers have a greater chance of negotiating a lower price or, at least, not having to pay more than they had hoped to for their next home. The market is in the process of balancing itself out and it’s general trend is still healthy. Even if we revert to zero or just above zero growth for a while (which I think is highly unlikely), I am now confident that we are back on the road to another period of long term growth in the UK housing market.

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