'Price is everything' in the current property market
News Category: Industry News
Published: 03-Feb-2009
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Property buyers are looking to invest but the current economic climate has made them "very price sensitive", it has been suggested.
House prices and restricted mortgage availability have meant buyers are now more focussed on property prices, said Michael O'Flynn, content editor at FindaProperty.com.
"Price is everything in the current market," Mr O'Flynn commented. "There are a lot of potential buyers out there, but the price needs to be right to convince them to make the move."
His comments come as landlords and other property investors could be looking to expand their portfolios amid current house price levels - which are now 16.6 per cent lower than in January 2008, according to research by Nationwide.
In addition, professional landlords are snapping up properties and making profits by taking advantage of lower prices and repossessions, said a report by Business Development Research Consultants last week.
It prompted the firm's client services director Mark Long to argue that the credit crunch has "polarised" the private rental market, as some landlords with smaller portfolios were found to be making losses.
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