Friday, February 27, 2009
I am the idiot by the way. I made this median price graph up for my own use but thought I would share it.
The commentators saying that now is the time to buy, IMHO are jumping the gun.
For the simple reason that graphs do not make sudden changes in direction without good cause. I will be basing my decisions on the middle line as it shows that in 10 years (about the timing to sort the current mess out) this is where house prices should be. Personally I can't see the worst case happening as low interest rates will shore up the market and people will still need places to live. No matter what happens, property will be a long term investment once again. The days of the big jumps like we saw from 2002 to 2007 are gone.