From This is Money:
Taking the temperature of the property market can be a tricky but when estate agents talk of a buyers’ market those hoping to bag a good deal should listen up.
The property slump has led agents to drop prices, auctioneers to set lower reserves and sellers to realign expectations.
But negotiating the best price and working out whether a property is a good deal is still a hard task
However, if buyers can purchase without over reaching themselves and are willing to accept their asset may dip in value, the slump represent an opportunity to perhaps bag a bargain home.
The tough market
House prices were down 16% in the year to June 2009, on the Halifax index, and 22% from the peak of August 2007.
Mortgage approvals and home sales dived and hit a low point in late 2008/early 2009, they have picked up since then, indicating that activity, if not prices, has bottomed out.
For the latest on the property market read: What next for property prices?
If you do decide to buy now, make…
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