I have noticed a disturbing trend developing within the property pages of newspapers. The dated "buy now or be shut out forever" article has fallen away. Instead, we are seeing a more insiduous series of articles claiming that "its a great time to buy because prices are lower."
The London Standard produced a classic example of this trend today, entitled "why we are plunging into a falling property market". Here is a little taster:
The Big Deposit Investor
Offer accepted on: three-bedroom flat in Fulham for almost £600,000 down from asking price of £800,000. Saving: almost £200,000.
Alex Daly and her sister were looking to invest around £400,000 to £600,000 that they have pooled from savings. “I've always believed in bricks and mortar, something you can touch,” she says. “And with prices where they are at the moment, I hope a property will yield better than a bank.”
Two bedroom flats in Fulham - priced at £600,000 - are still massively overvalued, even if they have fallen £200,000.
Still, the article had some nice examples of the bone-crunching price drops that have recently hit the capital. Definitely, the best bit of this article.