To buy or not to buy?
People regularly ask me what the property market is like at the moment. There is much uncertainty about whether to buy now or wait, anticipating a property crash! Figures from property market analysts can be confusing as they are sometimes contradictory. Take the latest figures for October 2007. Halifax said that house prices fell by 0.5%; according to Hometrack they fell by 0.1 %; and Nationwide reported prices increasing by 1.1%. So who do you believe? Are their figures representing the same properties in the same areas? Probably not.
What is certain is that property market activities are not as buoyant as they used to be. For example, enquiries from new buyers and mortgage approvals (some lenders are tightening their criteria) have fallen compared to the beginning of the year or this time last year. I know of a few property surveyors who are experiencing a considerable drop in clients at the lower end of the market. There are buyers who have withdrawn from searching for property, and are considering whether it is the right time to move or invest.
So are we heading towards a property crash? Nobody can predict the future, but I am convinced this will not happen. Inflation and unemployment remain low and some financial experts are even predicting a potential cut of the Bank of England interest rate (currently 5.75%) by the end of 2008. During the next few years we may not see the property market rise as much as we have experienced over the last few years (up 60% over the last five years), but in the long term property values always increase. As I highlighted in a previous blog “The path to successful property investment”, historically property in the UK has doubled in value every seven to nine years. Furthermore the UK doesn’t have enough properties to satisfy the market demand.
In property market conditions where people expect a collapse there is a tendency to sell and then hold-off buying in the hope of purchasing more cheaply later on. I saw quite a few cases of this in the early “naughties”. The risk comes where the market fall is insignificant, temporary or localised. If you wait too long and the market continues to rise, it effectively prices you lower down the property ladder or in some cases, out of the market. I am a firm believer in never stepping off that property ladder! Laurent Stadelmann
Managing Director Chez-Vous HomeSearch Removing stress from the property process! Property Finder / Relocation Services / Negotiation Service / Location Reportslaurent@chez-vous.biz
www.chez-vous.biz Tel: +44 (0) 1189 770215Labels: comment
Wokingham in Berkshire comes out top in best place to live survey
According to research by Halifax, Wokingham in Berkshire is the best place to live as it offers the best quality of life in Great Britain in 2007.
The annual "Halifax Quality of Life Survey" tracks where living standards are highest in Great Britain by ranking the performance of 408 local authorities according to indicators that influence the quality of life: employment, earnings, housing market, environment, education and health.
Results from this year's survey show that Wokingham Borough residents are the healthiest in the nation, with 95% in "good" or "fairly good" health, and that a baby born in Wokingham today can expect to live until 80 years old (one of the highest life expectancies in the country).
Furthermore, Wokingham inhabitants are amongst Britain's top 5% earners and benefit from an hour and a half more sunshine every week than the national average. GCSE results are also above average.
Other factors taken into account by researchers were lower than average crime rate, weather and carbon emissions, resulting in Wokingham offering the best quality of life in the country - up from third place in the rankings last year.
And it is not just Wokingham that offers quality living. The Halifax survey shows that within the top 30 local authorities with the best quality of life, 22 are located in the South East of England (see Table 1 below).
"Location, Location, Location" on Channel 4 also confirmed that there are many great areas to live in the South East. Phil Spencer and Kirstie Allsopp recently produced their own league table, in which 9 places from the South East of England came in the top 20 best places to live in the UK: 1 in Hampshire, 7 in Surrey and 1 in Berkshire: Wokingham (see Table 2 below).
So if you are considering a move to any of these locations, then well done for making a good choice. Let me know if Chez-Vous can help with your relocation!
Table 1
Quality of Life Rankings: The Top 30 Local Authorities (Region)
1. Wokingham (South East)
2. South Buckinghamshire (South East)
3. Chiltern (South East)
4. Surrey Heath (South East)
5. Hart (South East)
6. Elmbridge (South East)
7. Waverley (South East)
8. Tandridge (South East)
9. Wycombe (South East)
10. West Berkshire (South East)
11. South Cambridgeshire (East of England)
12. St Albans (East of England)
13. Rutland (East Midlands)
14. Mid Suffolk (East of England)
15. East Hertfordshire (East of England)
16. Mole Valley (South East)
17. Uttlesford (East of England)
18. Vale of White Horse (South East)
19. Horsham (South East)
20. Guildford (South East)
21. West Oxfordshire (South East)
22. Mid Sussex (South East)
23. Aylesbury Vale (South East)
24. Blaby ( East Midlands)
25. Winchester (South East)
26. Windsor & Maidenhead (South East)
27. Bracknell Forest (South East)
28. Three Rivers (East of England)
29. Fareham (South East)
30. Sevenoaks (South East)
Source: Halifax
Table 2
20 Best Places to Live 2007
1. Edinburgh
2. Winchester (Hampshire)
3. Epsom & Ewell (Surrey)
4. Waverley (Surrey)
5. Mole Valley (Surrey)
6. Surrey Heath (Surrey)
7. South Cambridgeshire
8. Chelmsford
9. Horsham
10. Elmbridge (Surrey)
11. East Dunbartonshire
12. Guildford (Surrey)
13. St. Albans
14. Rushcliffe
15. Bath & North East Somerset
16. Mid Sussex
17. Suffolk Coastal
18. South Northamptonshire
19. Reigate & Banstead (Surrey)
20. Wokingham (Berkshire)
Source: Location, Location, LocationLaurent Stadelmann
Managing Director
Chez-Vous HomeSearch Removing stress from the property process!
Property Finder / Relocation Services / Negotiation Service / Location Reports
laurent@chez-vous.biz
www.chez-vous.biz
Tel: +44 (0) 1189 770215Labels: uk
People regularly ask me what the property market is like at the moment. There is much uncertainty about whether to buy now or wait, anticipating a property crash! 
