Investors 'urged to buy property'

Posted: 22 Sep 2008 12:58:56 GMT

Cash-rich investors are in the best position to buy new property that they have seen for nearly 30 years.

That is according to property investment specialist 1st Asset, which explained that the current housing market conditions provide buy-to-let landlords and homeowners with the ideal opportunity to buy property at extremely low prices.

Andy Smith, managing director of the firm, explained that confidence and a degree of normalcy would begin to return to the market as a result of the recent Lehman Brothers bankruptcy, something to be seen as a resolution to the financial turmoil.

He said: "For investors that have cash in the bank or are looking for smaller loans, this has got to be one of the best times ever to buy property over the last 20 to 30 years. That's because over the summer people waited to see what Gordon [Brown] did; he did nothing."

This inactivity caused people to stop buying, something that will increase housing demand and prices in the future, particularly with the population in London and the south-east due to grow by eight million people in the next ten years, Mr Smith added.

Earlier this month, a high-end property consultancy, the Buying Solution, predicted that buy-to-let investors will wait for prices to reach their absolute lowest before snapping up high-end property on the cheap.

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