The property market

July 14th, 2009

There have been lots of reports lately about the housing market that have made the whole market look very confusing.  One mortgage lender would say that there are more mortgages being sold while others say that there is a decrease in mortgages.  There are still signs of a recovery in the property market with the amount prices are falling continuing to decrease and predictions that property prices may actually increase due to the lack of housing for sale.

Despite property prices continuing to fall I still fell relatively safe that my house is still worth more than I brought it for as I have used price websites to find that the average is still about £10,000 higher than my buying price.  At the moment my plan is to try and pay off my mortgage as soon as possible and if we can afford it buy a wreck of a house to do up and rent out.

I love the idea of owning my own rental properties.  I would want to buy some thing cheap by either getting something that needs a lot of work or from someone looking for a quick house sale.  I have considered going to night classes to learn how to do different DIY tasks like plastering and wall building.  I have had a go at plastering and it wasn’t the greatest success, it’s a bit bumpy.

Even though it’s a tough time at the moment there are still good bargains out there to get in auctions.  There has been two third increase in the number of properties being sold at auctions.  I guess the best place to look for a deal would be on real estate forums where there is a wealth of information to find and up to date property news.

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