by Spencer Hawken

Created on: November 10, 2009

I'm not going to quote a series of government bodies from various continents, to back up my statement that you should be waiting to purchase property. Instead I'm going to point out to you simple common sense.

As I write this is November 2009 and this means that the world has been in recession for just a year, now think about this; a year is a very short amount of time. Now I invite you to look at world recession figures and tell me how many recessions last just one year?

In the same way we talked ourselves into recession we are now trying to talk our way out of recession; yet still more and more businesses are feeling the pinch, more and more estate agents are closing down. Business advisors are telling people with money to buy more property now, but is it at its lowest.

I live in the United Kingdom, in 1999 a house on my estate would have cost you one hundred thousand pounds, in 2006 it would have cost you two hundred thousand pounds. As we slipped into recession the property prices dropped to one hundred and eighty thousand, six months ago one hundred and sixty thousand. And now one hundred and forty four thousand pounds, for a solid brick built three bedroom property in apparently a desirable area. While three miles down the road in our nearest town prices are rising, out of town locations are still dropping.

Historically when recession sinks in people move to out of town locations because its cheaper, and more often than not safer; as recession takes hold crime increases and generally thieves are lazy and keep crime in the towns and inner city areas. Properties in out of town areas are still not shifting, yet the property market is moving.

Banks are still not that willing to lend money, for anything whether its business or property. In times when recession is said to be over banks are suddenly keen to lend money.

Now to my point, with companies still closing, with banks not lending, crime on the increase, and with out of town locations still not becoming desirable does this seem like a time to buy? My answer a resounding NO! Prices on property are still not at their lowest, and with what is regarded as one of the planets biggest recessions, do you really think its over? One year into recession and we are expected to believe that it could be over. Believe what you like, but if your considering investment in property for personal living, or investment then think again. Because mark my words, and the words of history the bottom price has not been reached and it would be a shame to lose a large some of money for a period of time that's normally around five years (the average recession length of time) yes you'll get that money back, but five thousand here and there over the next five years could make the difference between losing or keeping your home, and to lose something that you have saved so hard for is one of the worst loses you could possibly feel.

Learn more about this author, Spencer Hawken.
Click here to send this author comments or questions.