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Buyers urged to avoid panic as property prices fall

Tuesday, 27 November 2007 12:00 AM

Brits are being warned not to panic as house prices slow and begin to fall in some areas.

According to the latest date from Halifax, Hometrack and Rightmove prices have begun to fall across the country.

Higher interest rates, restrictions on mortgage lending criteria and decreasing affordability have all contributed to the higher costs.

However, property is still a sound long-term investment, according to one homebuilder.

"At the moment we are hearing daily reports on the news about how house prices are falling and the housing market is slowing down and this of course is making people think twice about buying property," said sales director of Miller Homes Yorkshire, Carolyn Rushbrook.

"But they shouldn't be put off. Your house is not only your home it is also a solid investment for the future and will not only help you move up the property ladder, it will also provide much needed security and peace of mind for your family."

Indeed falling prices may act as a spur to new-home builders to provide further incentives to buyers in order to make sales in a bearish market.

"At the moment there are some great deals available from both house builders and mortgage lenders to encourage people to buy during this difficult period," continued Ms Rushbrook.

"So in fact, there is actually a fantastic opportunity at the moment to add value to your purchase and ease the burden of the initial outlay."

In the wake of the recent credit crunch and continued uncertainty in some areas of the financial sector, property could be the safest area to invest, according to Miller homes.

"The housing market is not the only one to be subject to uncertainty. Confidence has also fallen in recent years in financial investments like pension funds and for this reason many people have chosen to put their money into property," concluded Mr Rushbrook.

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