Now is the time to grab that dream home in a buyers' market

There is no reason to be gloomy about the state of the property market in the Capital, says

WITH the credit crunch continuing to dominate the headlines, it seems easy to pick holes at our property market as its endures a turbulent period.

Despite the fact that house prices in the Capital are continuing to rise, it's only sensible to predict that we may have a few more difficult months ahead before things get better.

But while it's true that the slowdown has seen the emergence of more sellers than buyers in Edinburgh, we're still a long way from seeing prices plummet.

All of which makes me suggest that, rather than being put off from buying in the current climate, house hunters should actually be taking advantage of the current conditions in order to secure a property.

To the doom and gloom brigade, who are only too ready to look at the black side of things, this will seem like heresy.

But would-be buyers – and particularly first-time buyers with access to funds – are in the ideal position at the moment to find the property they want.

Less competition, more sellers and the perfect conditions for a buyers' market mean that those people with enough funds in place should be making an offer for their dream home now, rather than making the mistake of waiting for the economic climate to improve.

With fewer competitors around to bid against for properties, sellers are likely more willing to negotiate over price and – as long as they remain realistic – will still get a decent return for their investment.

In turn of course, when it comes to trading up for a new property, they too can take advantage of the benefits afforded to them in the buyers' market.

Our property prices are still rising – which is a fact that sometimes gets ignored – and there is no reason to think that in the long run a home will decrease in value.

We've seen annual increases in Edinburgh's property prices for many years, and it's a situation that is likely to continue for many more years to come.

If you have a deposit in place and you can afford to buy, you should do so before the credit crunch disappears and the housing market gets back to full strength. That way you have the chance to secure a property that you really want to purchase, rather than go back to the times when you have to compete against other buyers for a less desirable one.

Sooner or later we'll start to see economic conditions improving, and the property market returning to its peak. When that happens, there will be plenty of people paying through the roof for a property and kicking themselves that they didn't make an offer sooner.

Scott Brown is an estate agency partner with Warners