News
Now is the time to buy
Following on from our ‘Now is the time to buy’ in last week’s Avenues, about homes becoming affordable once again, we asked local experts in the estate agent industry for their views.
The research, carried out by Lombard Street Research, the independent economic forecasting consultancy, found that the level of overvaluation of house prices has improved by 10 per cent over the past 12 months and, based on average affordability since the 1960s (100 points), the matrix fell to 83 points last year but is now back up to 93 points.
The report also found that the improved affordability of homes was not about to decline again.
Mike Cole, owner of Imagine estate agents in Watford, said, "Slowly the media are starting to find some positive news to report rather than the constant gloom and doom, which frankly only serves to worsen the problem.
"There are some logical reasons to take a more positive view on the forthcoming climate for 2009 and affordability would be uppermost in that list," added Mr Cole.
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