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Even relatively recently, the property world was a very different place -as was the market for financial products, such as investments - consisting mainly of ISAs, stock market investment, pension schemes and a variety of deposit-related accounts.
Property investment was still mainly the domain of estate agents and house builders, and so was really a virtual mystery to the average person. Today, property is changing the way we think about our financial future. With such a strong interest in property being reflected in the newspapers, on television, by the government's housing targets and of course in the huge amount of information made available on the web, investors can finally get access to the range and depth of information they need to make the right investment decisions.
People are more aware of property prices and market trends these days than they've ever been - but that's only natural, house price data is the barometer by which potential investors gauge when, where and if to invest. So what's the outlook for 2008 is it going to be another bumper year for the property tycoon?
Although property prices have begun to moderate, amid all the pessimism and scaremongering there are still some voices predicting relatively robust growth during 2008. In fact, many property investment experts predict house prices will grow by an average of five per cent during the next 12 months - particularly buoyant will be the new home market. An industry expert comments: "I believe 2008 will be a more positive year for the new homes market and I predict an average price increase of between two and three per cent for new homes over the next year."
That said, being realistc - growth is likely to be substantially below these buoyant estimates, although a definitive estimate of future house prices is difficult to calculate, with a number of variables to be considered.
For example, home information packs (Hips) will be made compulsory for the whole market on 14th December 2007. The impact of this government scheme could prove integral to the future direction of the market. Furthermore, the Bank of England will also play a vital role when setting interest rates.
However, industry insiders are leaning heavily toward the possibility of a cut in the new year, perhaps bolstering the market.
"I think they'll drop at five per cent. There will be a cut probably in May and another one mid-year and I think rates will get down to five per cent during 2008 as the economy slows," said a property investment insider.
He was joined by a spokesperson for HSBC who said: "We have cuts again in quarter two, quarter three and quarter four, and you get 4.75 by the end of the year."
If this downward trend is proved correct, and given the continued shortage in supply of property in the UK property market, it seems prices are unlikely to fall dramatically.
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