We had a surprise today when we looked out my window at my brother in laws new house. The old sold sign had been removed and a new sign with a new company had taken its place. If the owners had decided to try and find a new buyer I wouldn’t blame them the process seems to be dragging on forever. To start with my brother in law was told he would be moved into his new house by Christmas. Then his solicitor told him that they hadn’t bothered to read the papers for the sale yet. Right now no money has been exchanged and there is still no end in sight.
I was surprised to read that property prices there was an increase of 6% during 2009 over the whole year. After what seemed a terrible time for the economy one area is recovering. I don’t think anyone knows will happen with regards to property prices in 2010 none of the experts seem to agree. Some seem to think that we are going to see the improvement continue whiles others say we could see a decrease in house prices over the year.
It is expected that interest rates could be kept at the low rate of 0.5% for 2010. You would have thought that because interest rates are low, then the rates for mortgages would be low. But the greedy banks are just using the low interest rates as a way of making more money. The high interest rates could put home buyers and property buyers off during the year. During 2009 property prices were driven up by the lack of supply, but with the prices higher more people could decide to sell. If this happens prices may dip during 2010, I think the best thing to do is watch the people work investing in property as it is their livelihood to know what is going on.