By Rory Robertson of Hardimans in Lowestoft
Up or down or more of the same? As we finish off the mince pies and welcome in the New Year, we can look back to 2009 with some satisfaction.
The markets actually improved, with house prices increasing by approximately five per cent. Compare this against the predictions of so called experts who expected a 10-15pc fall and you can see how difficult it is to know who to believe.
What we actually saw was the property market stabalising from a price perspective and slowly, but surely, the number of buyers looking to purchase a home increase.
So what are the experts predicting for 2010? Well, as you might expect it’s another mixed bag with some predicting falls and others small increases. Personally, I don’t think anyone can tell you what will happen. My own view is that it will be very much more of the same.
Expect a good start to the year with a lull for the general election followed by the World Cup. Towards
the end of the year if we see HIPs abolished (please let’s hope so,) then there could be an increased supply of houses coming onto the market.
Sadly, it appears first time buyers will continue to have a difficult time struggling to raise sufficient deposits to enable them to get a mortgage. We desperately need the banks and building societies to begin lending again otherwise the terraced market will remain in the doldrums.
So what do we conclude? An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today!
Here’s to a good 2010.
You can contact Rory Robertson at Hardimans on 01502 515999.