Now is good time to invest in housing

by Rachel Crook

House prices are unlikely to fall much further and the next few months will be an ideal time to invest, it has been advised.

The chairman of online change of address service Simon Preston said: "I would think that if you want to buy residential property for reasonable capital gain, then [buying] something in the next 12 months makes sense."

He suggested another good reason for this is that the cost of borrowing is at "an all-time low".

Housing affordability has improved to its best level in seven years, a Halifax study recently found.

It noted that the average monthly mortgage repayments for a new borrower were 31 per cent of the typical salary in the first quarter of 2009, compared with 48 per cent in the third quarter of 2007.

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Published on: April 22, 2009

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