Great Britain out of Recession
Today’s figures from the ONS show that we are now out of the double dip recession with figures for the last quarter showing a 1% growth in GDP. This growth is 0.4% better than expected.
Whilst this is good news, this is tempered slightly by a significant contraction in the construction sector.
There is a significant shortfall of housing in the UK and as a result, the values of property are unlikely to significantly fall whilst finance is available. We regularly talk to many estate agents, and the general concensus amongst most is that houses priced sensibly are selling readily and most agents need more stock on their books. Choices for purchasers are slim and it is important that buyers carefully consider their options to ensure they are not rail-roaded into a purchase.
Building Surveys, Homebuyer Reports and Condition Reports are a useful tool for ensuring that the money spent on a new home is wisely spent. Forecasts show that the economy is likely to take a number of years to recover to its 2007 levels and no-one anticipates house prices increasing significantly in the short term. Your next home purchase should be thoroughly considered and researched and an RICS backed survey will give you the confidence to proceed, knowing that you are buying a sound investment.