Next two years 'excellent time to snap up' bargains

Posted: 29 Jul 2008 13:22:15 GMT

There are opportunities for those in a strong financial position to snap up a bargain as the housing market slowdown signals the start of the "Great British property sale".

That is according to Edmund Conway, economics editor of The Daily Telegraph and The Sunday Telegraph, who has said that the best time to buy is during s** "period of economic gloom".

Mr Conway explained: "There are encouraging signs that the worst of the credit squeeze will soon be past and, for a lucky cross-section of homebuyers, the next two years promise to be an excellent time to snap up some great deals."

It is "quite clearly a buyers market" and Mr Conway quotes the late investor Sir John Templeton who said that the best time to invest is at the moment of "maximum pessimism".

Swap rates - the interest rates the banks themselves have to pay to borrow on the open market - have dropped back to below six per cent which, according to Melanie Bien of Savills Private Finance, is "good news" for some buyers.

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