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.