Greene&Co quick tip
If we all read the papers every day we’d be extremely depressed at the property section and want to move to sunny Australia to live on a yacht. However it’s not all doom and gloom. This market can be worked to your favour if you are looking to upgrade your property.
Think for one moment…if prices have dropped (by 5% for example) and you have to upgrade due to a new family member. You might want to sell your one bedroom flat for £300,000 yet have to accept a 5% reduction of £15,000 – taking the price down to £285,000. It hurts, yes, we know?
Consider this though – it’s all relative. If you’re looking to buy a three bedroom house, on the market for £500,000, they too, have dropped their price by 5%. Bringing it down to £475,000. So, you lost £15,000 on your one bed flat – but saved £25,000 on the three bed house. You end up £10,000 better off!