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Over the last 10 years property prices grew at an extraordinary rate, more than doubling in value. For those looking to cash in on their property, some stunning gains have been made. However, for those looking to trade up, any profits from one property will simply be exhausted in purchasing the next. With indications that the property market has finally stalled, property is far from getting a rich fast’ strategy. Not for the unforeseeable future will we see the double digit figures which had become commonplace. However, property remains a sensible investment if particular rules are followed. For example, expectations should be lowered as to the kind of profits that might be made. In a slower market, it is even recommended to choose property in a strong location, and to manage your expenditure with care. Also, searching for the best mortgage deals is important. Many people offer a loan on the high street which may seem like a good deal, but can have costly fees or locks-ins that are a portion of the small print. An adviser can help assess your individual circumstances and suggest a mortgage that will offer confirmed value. While you will also want to examine your remortgage options when discounts have lapsed, it does not always make sense to move, as this can involve additional charges. Apart from your own house, there is also the buy-to-let market. This has become exceptionally competitive and loans are not much higher than more mainstream mortgages. However, you need to be extremely careful about which property you buy as prices are high, and many landlords are struggling to pay mortgages during periods when their property is not let. Many experts as well as homeowners see the property market as having further growth potential. With migration into the UK expanding and pressures on new-build homes growing, there are the main reasons why property will remain a good investment. The challenge is to make sure refunds are comparatively cheap if there are rises in interest rates or inflation takes hold, and you are still required to fulfill your mortgage payments.
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