Island Life Magazine Ltd June/July 2012 | Page 24

PROPERTY Property issues with Richard Dickson of Hose Rhodes & Dickson The silver lining When I sat down to write a few cogent words on the property market I endeavoured, as always, to start on a positive note. However, together with my chosen title came an inevitable cloud which, no matter which way I looked at it, refused to disappear. It rose up from the Office of National Statistics when they announced that we were in a double dip recession, with house prices and the construction industry widely discussed across the media in despondent terms. While it is imposs ible to ignore the figures, I think we should ignore the constant doom mongering every time we switch on the television or open a newspaper. The importance of sentiment and confidence in the property market cannot be overstated, and I firmly believe that the media are fuelling and deepening our national financial predicament. Despite the best efforts of our media moguls there is a silver lining breaking through. On a national level, the UK buy to let community is actually benefiting from the double dip as the demand from tenants for rented properties continues to increase, thereby fuelling strong demand from both experienced and first time buy to let investors. Mortgage rates remain at a very low level, which should encourage not only first time buyers but also those wishing to trade up or down. I do not see house prices dropping much further, if at all, so now has to be the time to take the quantum leap and move! You might not see immediate capital growth but I firmly believe 24 www.visitislandlife.com property is still the best long term investment. Locally, all my offices are reporting an air of optimism and we are hopefully seeing the small green shoots of recovery. In the recent past we have seen a surge in activity across all sectors of the market, with examples shown on this page.