Abacus Daily Debt News

Now is a “fabulous” time to buy a home

The current events in the economy present a "once in a lifetime" chance to enter the property market, it has been claimed.

Ed Mead, director of sales at estate agency Douglas & Gordon, advised those looking to move up the housing ladder that now is a "fabulous" time to take action.

Purchasers will get "more for their money" if they buy in the present conditions, he noted, adding that these falls in prices only "come around every 20 to 25 years".

Mr Mead also recommended that vendors face the reality of the recession and accept that the value of their home may have dropped.

But there is a "macho" culture within the UK that means some people are reluctant to sell at a lower price, he remarked, saying: "It doesn’t make any sense."

House prices have fallen by 16.6 per cent over a 12-month period, Nationwide reported in January.

By Jamie Price