Housing market has benefits for those who are 'moving up'

Posted: 10 Nov 2008 11:20:12 GMT

The state of the housing market is such that now is a "very good time" for people who are looking for a new property.

That is according to Briffy.com, an online 'virtual estate agent', which has suggested that the current economic climate means there is more room for buyers to negotiate.

David Amstell of Briffy.com said that some buyers are practicing "reverse gazumping", whereby they put in a lower offer shortly before the contracts are signed.

He commented: "If you are selling a house for £200,000 or £300,000 and moving to a house that is £300,000 or £400,000, now's the time to do it.

"You are going to get a house at £450,000 that would have been worth a few months ago £500,000 or maybe a little bit more. So now is a very good time to move if you are moving up."

House prices fell by 2.2 per cent last month, according to the Halifax House Price Index for October 2008.


© Houseladder Ltd