So, you've got equity, could this be a time to make some money?
Liam Bailey continues, 'Whilst a market peak is hard to spot, so too is the bottom of the market. There are lots of buyers watching the residential market very closely, and they are desperate not to miss the floor when it comes. Equity backed investors are already active, and more are waiting for prices to correct in the forthcoming months.'
'The winners in this market will be anyone with equity who can buy over the next six months. Those requiring significant finance will be unlikely to be quick enough on their feet. Vulture funds and cash-rich individuals will be the first to benefit.'
'It may be hard to stomach but opportunistic buyers are looking for distressed property sellers. They are interested in individual properties – repossessions in particular – and also development land, or even newly completed developments. In fact, anything where values are felt to have fallen as far as they are likely to.'
So, two different opinions, but neither differing wildly. There were a few interesting phrases in these predictions, apart from 'hard to stomach'. One: 'fair pricing'. There are areas in the UK where people are starting to buy again based on, presumably, their gut feeling that prices have come down to a reasonable level from their peak in early 2007. And, two: 'distressed property sellers'. This suggests there are bargains to be had for anyone with equity who is prepared to take advantage of anyone in a tricky situation. If that's you, you need to start looking for a new property now...
Click on the links for advice on what to do if you're facing debt and repossession.
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For a fuller assessment of what house prices will do in 2009, click here >>
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