life
PROPERTY
Are there signs of
improvement in the
property market?
I have read with considerable
interest over the last four
months the various articles
written both locally and
nationally on this subject.
Initially the general feeling
was that the media in their
coverage of the situation
were not assisting consumer
confidence and it was clear
to see that the property
market reacted adversely with
properties being withdrawn
from the market for sale and
house prices generally falling
substantially.
Financial institutions placed
almost a freeze on lending
money which clearly had a
knock on effect for the property
market with mortgages generally
being very difficult to secure.
Redundancies were noted
widely in the Banking and
financial industry as they
respectively struggled to trim
overheads.
The G20 summit demonstrated
the necessity for a global
financial input of money to the
Banking industry in an attempt
to "kick start" economies around
the world and I am bound to say
the extent of the financial input,
considered necessary to survive
the recession, was staggering
and it will remain to be seen
whether even further financial
input will be necessary within
the next twelve months.
Having said all this, it is
pleasing to note that there are
clear signs of improvement in
the property market with lending
institutions now moving forward
with responsible lending and
structured investment packages
now becoming more available.
I believe as money is released
into the system for mortgages
and investments generally that
the next twelve months will
see considerable improvement
in confidence in the property
market.
Ironically it is a very good
time to buy and sell property
as whilst house prices have
reacted to the financial markets,
it remains still relative to
both seller and buyer in the
process of moving house and is
achieving a bargain for a first
time buyer.
I sense a real determination
within the industry to defeat
this recession and with some
expediency, but this will only
be achieved by responsible,
bold and proactive actions
taken in particular by financial
institutions and the property
industry as a whole.
Our Practice will continue to
assist in these difficult financial
times by continuing to offer:-
Photo: Mark & Terence Willey
• No legal fees and
disbursements requested up
front both in sale and purchase
transactions
• Discounts on Wills and
Lasting Powers of Attorney's for
established clients
• Free visiting for the disabled
and elderly who wish to make
Wills or Lasting Powers of
Attorney
Please do not hesitate to
contact Terence Willey on
(01983) 811222 or Mark Willey
on (01983) 611888 without
obligation.
• Deferred payments for Home
Information Packs for six
months
Terence Willey & Co
Tel: 01983 611888
www.terencewilley.co.uk
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The Island's most loved magazine