The current economic climate has seen a definite drop in temperature over the past two years, but the
My mate sold four houses alone last week and he is set for another three this week. I know that there are some agents out there who are feeling the cold, but if you are hungry enough, then there is much work up for grabs!
It simply boils down to the fact that knowing your market is a must to making the money in today’s climate.
According to findaproperty.com, house prices for a three-bedroom property in the Enfield area are still topping the three hundred thousand marker and sellers are still getting their asking price – in fact; one of the houses my friend sold last week went for just over three hundred thousand with the others as close seconds.
So this shows that there is still buyer’s with money and there are still sellers who want to benefit from high house prices.
Additionally, Boris Johnson and the Olympic Park Legacy Company revealed on Thursday 7th October 2010 that there will be five hundred acre expanse of new houses built near to the Olympic stadium. Johnson said that this will be the city’s “most important regeneration project for the next 25 years” and in my opinion, will probably start a trend that could spill out into
The Olympics will no doubt increase housing supply and demand as there will be many visitors to the United Kingdom during this period, and not all of our visitors will be benefitting from five star hotel accommodation.
With this all said, there are still houses and flats being repossessed in the area of Enfield, due to families and individuals who are unable to meet their mortgage repayments, but this has only fuelled the housing industry. On one side you have families who are unable to meet the repayments for their mortgages and on the flip-side, there are individuals and families looking to cash-in on the cheap house sales offered by lenders trying to regain the borrowed money; these individuals can the sell their houses for much more than was paid, meaning surplus profits float back into the market eventually.
It’s a kind of strange scenario, but this is simply what happens! And it happens time and time again – I mentioned in one of my previous articles about my own Sister, who benefitted from this exact situation. She purchased her first property as a repossessed property; sold to her for a price way below the market value and then sold the property a few years later for much more, paving the way to purchase the house of her dreams!
Essentially, the people on the buying end a truly getting the dream deal, but the sellers are the one who lose out, as they have probably purchased a house external to their budget, paid huge interest rates and then had the properties taken from them when they cannot pay any more – a little unfair in my opinion.
But, given that there are still up and downs occurring, the Enfield property market is still thriving!