Homeowners are taking advantage of the recent drop in house prices to purchase their dream properties, one estate agent has said.
The recent fall in property prices has offered some homeowners a "once in a generation chance" to purchase their ideal house, Douglas & Gordon has said. Ed Mead, director of sales at the estate agency, suggested that now is a "fabulous time" for those borrowers looking to upgrade.
Situations like the one in the current property sector only occur ever 20 years or so, he explained, suggesting that buyers looking to sell and upgrade are in a strong position should take advantage of a favourable climate. Buyers, the expert said are likely to get "more for their money" at the moment.
"If you are buying and selling in the same market then it is a fabulous time to upgrade and you only get that chance once in a generation," Mr Mead said. "These property recessions tend to come around every 20 to 25 years, so this is a great time to be doing it, but people don't look at it like that."
However, he added that vendors are becoming reluctant to sell and are keeping houses on the market in the hope of achieving higher sale prices. "People can't bear the idea of selling for less than they could have done 18 months ago," Mr Mead concluded.
