So if you're looking to buy, have some money saved or if you are just searching for a good investment opportunity now could be the time.
Why not consider :
Redevelopment
Put a low offer on a house in need of a lot of work, or buy a down-at-heel place at auction (where prices are often 65% to 75% less than those homes sold through conventional estate agents). Then you can renovate.
Experts forecast that the full housing market recovery will be slow, so consider redeveloping the property to a high standard and renting it out for some years, then selling it when the market is back to strength.
Self Build
Big-name house builders have sold land to release cash in the downturn, so plots of land are now 20% to 50% below their 2007 peak prices. Websites such as buildingplot.org.uk or buildstore.co.uk list available sites and prices. The National Self-Build & Renovation Centre holds five-day courses for those about to self-build for the first time.
This option is not for the fainthearted - self-building is extremely hard work - but most who do it say a completed home is worth 20% to 25% more than its build costs, so you are immediately in profit when you finish.
Holiday Lets
If you have a holiday home in the Highlands, the Grampians or on the coastline, you're in luck.
Year-round walking holidays are in fashion, so you can let out your property to maximum potential. But even in other areas you could expect 16 to 20 weeks' rental per year.
Houses sleeping four to eight people are in high demand and flats are the slowest to let, rental firms advise.
If you have a holiday home overseas, the same could apply, but remember that the market is saturated with homes to rent across Spain, and in Bulgaria and Turkey.
Renting Schemes
Renting to the social housing sector: this is one that few people think of.
If you have a flat or house you don't want to sell until the market recovers, or if you can't find a tenant, you could lease it to a housing association or local authority.
That body would let it on your behalf and you would have guaranteed rental income for two to five years, depending on the contract.
Rents are usually 15% to 20% below the private lettings norm, but there are no lettings agency fees and the place is restored to its original condition at the end.
Feed 'public sector leasing schemes' into Google to see if there are schemes in your area.
The Moray area does now seem to have reached the bottom of its downward pricing curve and after speaking with David at Moray Property, he has advised that there's more activity in the local sales market than he's seen for the last three months.
He attributed this to demand, due to the lower prices and some lenders once again beginning to offer affordable lower deposit mortgages.
Now could be a good time to invest. Be sure you don't miss the boat !
Until next time - Happy fishing.
Mr Jackson.
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