London Property News

Green shoots?

Author: Callum Roberts Wednesday, 18 February 2009
Are we there yet?

With record low interest rates and heavily discounted property prices, we have many people coming into our offices asking 'Are we there yet?'

Are we at the bottom of the market.

I sincerely hope we are, but it may take until April at the earliest before we can head off on our return journey to recovery.

House prices in Bloomsbury, Holborn and the City have held up pretty well all things considered and even the rental prices in these areas have been pretty resilient to the massive falls seen elsewhere in London.

If we were adding to the debate on weather it is the right time to buy or not, we would say 'yes'.

Every downturn is followed at some point by an upturn. Just because the house prices in the last recession (yes, we can say it now) took years to come back again, does not mean that the same can be said again of this one.

Whilst we will not see the huge leaps in prices that we have seen so quickly recently, things may not take as long to come back this time round.

Much of what is holding people back from buying is not the prices, but the fact that people are finding it hard to get finance.

Firstly, lets see which banks are left standing come April, then we will have to see how we do as an economy at that point. If we as a country are not ourselves bankrupt, we may see the green shoots this side of 2010 (as long as the banks that are left, start lending).

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