Want to know what the future holds then look to the past. Every economist will tell you that after economic contractions are expansions. We have had expansion ever since 2011; when the market began recovering after the financial crisis of 2007-2008, all the signs are presenting themselves for an upcoming crash. Daily we observe the market and over the last two weeks, we are seeing some property prices dropping by 5k in Manchester and surrounding areas. Whilst most of these are smaller properties and the not most affluent of areas it is not something we have seen for quite some time. Our findings are based on Rightmove alerts, the Property Log, and Property Tracker.
In a buyers’ market with fewer investors and first-time buyers, we predict that there are going to be many vendors stuck in the post covid mindset who will be left very upset when receiving offers or no offers for that matter.
If you are considering investing in property now would be a great time to choose your investment area and your property strategy – your area will depend on your strategy. Once you decide, act, and commit then start becoming a student in that area. Whilst the market is stable could you get SNG Property Sourcing to work alongside you? So, what expertise does a good sourcer possess? Well, that’s a blog post for another time.