Two-year rise in home sales as investment property interest returns
Friday, December 14, 2018 @ 9:48 AM
Interest in residential property purchases as second homes, a place to live and, increasingly, as an investment is continuing to rise after two solid years of gradual growth, according to the National Institute of Statistics and a number of leading estate agencies.
The general view across the industry is that recovery in the housing market became stronger than ever in 2018 after it started to become consolidated two years ago.
Professionals in the sector attribute this to an improved economic climate and greater ease of obtaining mortgage finance.
Property is once again being considered a sound source of investment and asset acquisition, say estate agencies – a view that fell out of favour during the years of the financial crisis when home values were in freefall after having risen disproportionately – by late 2007, a typical residential property had doubled its average purchase price in four years, but by 2010, it would have been back to a similar value as in 2004, meaning anyone who bought just before the crisis would have lost money if they had chosen to sell.
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