Local market knowledge 'vital'
News Category: Industry News
Published: 08-Dec-2008
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It is vital that letting agents and landlords have a good understanding of their local property markets in the current financial climate, an expert has said.
Kate Faulkner, managing director at Designs on Property, commented that property buyers need to be a lot more cautious about their purchases than they have been over the last seven or eight years.
"You really need, more than ever, to look at your local market and the market that you are buying into," she said.
Her comments come after the latest Nationwide statistics showed that house prices have fallen by 13.9 per cent during the past 12 months.
However, low confidence in the housing market, brought on by the effects of the credit crunch, is good news for buyers on almost any type of property purchase, Ms Faulkner said.
She added that it is a "fantastic time" for those in buy-to-let who can invest in property over a long-term period of ten years or more.
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