'Good time to buy' for those with cash

By Jonathan Dawes, Tue 23 Sep 2008 - Published in Mortgages

A property expert has suggested now is a good time to buy for people who have cash savings or are looking to only take out small loans.

Managing director of property investment specialists 1st Asset Andy Smith suggested that the recent collapse of Lehman Brothers has brought an element of confidence back to the markets.

He claimed that since the fall of the investment bank, people have realised that the government will shore up banks to avoid a similar event occurring in the UK.

"For investors that have cash in the bank or are looking for smaller loans, this has got to be one of the best times ever to buy property over the last 20 to 30 years," Mr Smith explained.

He also pointed to predictions that London's population will grow by eight million in the next ten years as a reason why property investment could be attractive.

Knight Frank reported in August that London property prices were showing negative annual growth of 1.6 per cent for the first time since 2003.

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