Buy now for the best bargains

By Andrea Watson
Posted: 2009/04/13

SHREWD property investors should act now if they want to land a bargain.

That is the advice being spelled out by legal, financial and property specialists Pagan Osborne.

They reckon prices have almost bottomed out, so those in a position to land a deal, particularly in less competitive areas such as the East Neuk of Fife where the agency has a strong presence, could end up with a well-priced purchase.

And with forecasters predicting a sharp increase in the number of people deciding to holiday within the UK rather than go overseas in the months ahead, properties in picturesque settings, say the agents, could be ideal for use as holiday homes and so prove especially rewarding for investors.

Matthew Gray, property services director with Pagan Osborne, said: "These are undoubtedly challenging times, but, if you are a canny investor, then there are bargains to be had.

"In particular, the holiday and second home market has been hit hard by the economic slowdown.

"This is good news though for those with the financial backing.

"There is far less competition in the market so properties are being sold for very reasonable prices and there are not the bidding wars there once were.
"These houses are perfect to hire out as holiday homes. And, although these properties have always proved popular with tourists, there should be a massive upsurge in interest this year from those choosing to stay in the UK for their holidays."

Locations would-be property investors should study, suggest the firm, include Cellardyke, Crail and Elie, although an increase in activity in these areas is a pointer towards a resurgence already taking place.

Average prices for a two or three-bedroom home range from around £150,000 to £300,000.

Waterside settings are also likely to prove good investments as they are popular with holidaymakers, and, with more than 40 golf courses in the area, this heightens interest even more.

As Matthew Gray emphases, the sooner those thinking about investing take action, the better that investment is likely to be.
"Activity is steadily growing, " he said.

"As a result, property prices will rise in time and the market will become more competitive.

"Now is the time to act to secure this unique investment opportunity."

Information: 0845-2780005; www.paganosborne.com