Investors ''optimistic about market in 2008''


Fri 11th Jan, 17:11:01 GMT

Property investors are confident about the future of the housing market and believe that economic conditions are going to grow increasingly favourable in the next few years, new research has revealed.

Property for Life, a property investment consultancy, said that 75 per cent of investors think now is a great time to expand their portfolio, with 40 per cent saying they believe the housing market will not see dramatic price drops.

Many are also confident that the Bank of England will reduce the base rate soon, with 70 per cent predicting that it will have fallen by the end of the year.

David Austin, managing director of the firm, said the Bank''s decision to reduce rates from 5.75 per cent to 5.5 per cent in December "is a sign of a promising year ahead for investors".

"There are some excellent opportunities for serious investors in the current climate, with developers offering highly competitive deals."

"As always, the long term prospects of bricks and mortar are healthy," he added.

Martin Ellis, chief economist at Halifax, said earlier this week he believes rates will be cut this year, commenting: "We expect there to be at least two reductions this year – it''s quite likely there will be more."ADNFCR-1143-ID-18423986-ADNFCR


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