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I am always interested to hear what the experts have to say on an issue particularly when I have already expressed my view to the nation on the subject.
So after my blog of 27th April 2012 which considered what impact the UK entering a double dip recession would have on the Country House Market, I was intrigued to read the article by Zoe dare Hall in the Home section of the Sunday Times on 29th April 2012 entitled “Double Trouble”.
In it Ben Thompson Managing Director of Legal & General Mortgage Club agreed with what we at Elite Property Search had experienced when he said “some people rethink or defer on decisions such as buying a home during times like these”.
Cautiousness by buyers has led property owners needing to sell to reduce prices to get interest and hopefully a sale. An example being Clatford Hall Wiltshire which came to market at £4.25m now price at £3.7m.
However, price reductions have also often been a realignment of sellers expectation reducing the price from 2007 expectations to a more realistic price level.
Liam Bailey head of residential research Knight Frank says “The broad trend is that we are seeing a slow unwinding of high price growth that occurred up to 2007. The mainstream market is likely to remain sluggish for at least the next 2 years while the prime markets in the country, and particularly in London are beginning to benefit”.
The news that we are back in recession shouldn’t slow the market down for long Zoe Dare Hall writes “the spectre of the double dip is - for all but the worst effected - as much about psychology than the financial reality” This has also been experienced at Elite over the past few years. In other words, once the bad news has died down people get back to buying.
Zoe summed it up perfectly on how best to handle the double dip recession by saying. “The only way to get through it is to keep calm and ride it out”.
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