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New Year's way

2nd January 2009 | back to article listings BACK    print this article PRINT

When they penned their 1980s hit song New Year's Day U2 included the line "nothing changes on New Year's Day". But for many, of course, the date will have been the time for some major decisions about change to be taken.

Of course, some of these resolutions will be swiftly broken, with fitness regimes and pledges to quit smoking among a number of abandoned pledges. But others may have used the occasion to reflect and plan changes that they will carry out - including in the sphere of property.

In fact, the property market as a whole is likely to receive a substantial boost from many people using the turn of the year to reflect and make plans to change their living environment, according to the founder and managing director at Wimbledon-based estate agency SW19 Luke Bennett.

He stated: "Every market has peaks and troughs; we are in the trough at the moment but it is going to plateau at the beginning of the year."

Mr Bennett reasoned that this has everything to do with people's desire to make positive changes in a new year, stating: "They don't want to be staying in the same house as they did last year and they want to do new things. The market spurs on again, the same way as it always does everywhere when we hit spring."

For property investors keen to invest when the market is about to turn, this consideration may justify watching the market closely. Such thinking may be particularly warranted by recent reports suggesting that the market could be bottoming out.

One example of this was provided last week by National Association of Estate Agents chief executive Peter Bolton King, who said many agents in the association had noted that people have been "cottoning on" to the availability of bargains and that as a result buyer enquiries have risen.

Such a point was also made today by Halifax as it released figures showing that prices were still falling in December. While last month produced a 2.2 per cent dip, the bank suggested that recent data from the Bank of England and the Royal Institution of Chartered Surveyors does suggest that the market may be stabilising. In the former case, the number of mortgages taken for house purchases has been steady for four months, while in the latter the November survey indicated the first increase in new buyer enquiries since October 2006.

So while for some 2009 may be a year to survive as the recession bites, the property market may be in for better times, with an upturn in fortunes that may preceded a wider economic improvement later in the year. If so, those looking to invest in property just as the market is poised to turn may find one resolution well worth making and sticking to. Not much may change on New Year's Day - but over the next few months plenty could do.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/4562.html. Alternatively, please see our full press release archive.

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