News: World Financial Crisis
Whilst no one would deny there are delicate and critical balances in world economies, the recent events on the stock market, are much more to do with the massive power of the media than the reality of the USA going bust or the Euro zone allowing Greece or Portugal or even the euro itself to go bust.
What is surprising is that anyone in the world finance arena could possibly have failed to recognise the massive tidal wave effect on stock markets by globally downgrading the credit standing of the United States. It’s like throwing hot coals on tinder dry tundra in Australia- an inferno of monstrous proportions would be inevitable.
The fact is, that despite the acknowledged difficulties in the Euro zone and the USA, up until last week, world economies were quietly, albeit slowly, getting back to some semblance of order, with a resultant, and equally slow, building of individual confidence in stock market and property investments. And rightly so, because for the longer term, both are, in the main, sound investment vehicles.
Rarely do the media report good news, so let me do it for them. As far as Surrey Property is concerned, in July we saw the best set of results for 4 and a half years. We listed more properties for sale, registered more new house hunters, conducted more viewings and agreed more sales. August, despite being peak holiday month is shaping up very well too.
There is a shortage of property for sale and a sizeable number of really committed and able buyers wanting to buy. Interest rates are astonishingly low, and lenders are now getting keener by the day to lend. There are now several 90% loan to value mortgages appearing again. Prices are in the main, still lower than at their peak in mid 2007 and even fewer new homes sites are coming on stream due to increasingly stringent and demanding planning regulations.
So beneath the radar of negative media hype, there is much to be positive about. And as I always say, when the time is right for you to move, seek expert advice, be clear about why you wish to move and what you need to achieve - and just get on with it. If you have any doubts, email me or contact your local Curchods office.
Andrew Dewar
Joint Senior Partner
10th August 2011
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