Brand New Homes Spark Property Rethink
By Dominic Donaldson
A rush of brand new homes is causing a stall in the housing market. Could this be the time to bag a bargain or are there more price fluctuations to come? In a property market experiencing more volatility than it has for years, judging the right time to buy has become a delicate operation.
For the past six months the property market has been bouncing back from the substantial losses of 2008 and 09. However, according to latest figures that resurgence has come to a halt. Asking prices have stalled, rising by just one percentage point between February and March. The freeze has been put down to an increase in the number of brand new homes coming onto the market. This added to the traditional increase in the number of new sales offered as the winter cold snap eases, has kept asking prices in check.
During the boom years development companies embarked on ambitious building projects. Even though the market stalled, many have still come to market albeit facing a less favourable climate than anticipated.
The result has been to see a number of brand new homes offered at significantly lower prices than might have been the case a couple of years ago. However, even those prices are higher than many people are able to afford. It serves as a tribute to the level of inflation within the property market prior to 2008 and the sentiment among developers who are prepared to hold on until prices rise in the next 12 - 24 months.
With that in mind, new buyers will have to find innovative ways to purchase their first homes. Companies are working hard to offer not just price advantages, but also benefits in the whole buying process. This is the largest investment most people will make within their lifetime as well as being one of the most stressful. Anything that can offer enhanced value or make the entire operation more painless has to be attractive.
The task becomes much harder when you try to predict the future direction of the sector. Some people believe the worst is over. Despite the recession demand remains high with a good resource of new buyers eager to get a foot on the housing ladder. This strong reserve of demand is good news for estate agents and any developer looking to off load their brand new homes. However, there is the possibility of a significant correction, in which case there could yet be bargains to be had in the latter part of the year.
About the author
Dominic Donaldson is a property expert. Find out more about Brand New Homes and the services offered from Explore Living.Distributed by Content Crooner from http://www.FreeArticlesAndContent.com
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