Now is best time for 30 years to buy property, expert says
22 September 2008
Investors who have money in the bank are seeing the best times to buy property over the last 20 or 30 years, an expert says.
Andy Smith, Managing Director of 1st Asset, said that the bankruptcy of US bank Lehman Brothers would "bring more confidence back to the market" because the situation has now been resolved and there had been reported assurances that UK banks will be shored up by the government "no matter what".
On September 16th Barclays acquired the assets and businesses of Lehman Brothers after the investment bank filed for bankruptcy the previous day.
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In August this year Knight Frank reported that prices for property in prime central London were showing negative growth, the first time it has happened since 2003.
The so-called super-prime sector of London property, those homes worth more than £10 million, saw a price increase of 2.9 per cent in the same month and a 19 per cent increase annually.
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