PropertyQuoteDirect Looks at Recession Consequences
LONDON, May 25, 2012 /PRNewswire/ --
PropertyQuoteDirect has been looking at the effect that the recession has been having on us all, including those with multiple properties.
For many of us the idea of not having to commute a long way to work every day seems like a fantasy rather than a reality. However, there are a small few who this is possible for as they own two properties; one for "home" and one for "work". The "work" property usually being in a prime location enabling swift access to and from work. However, PropertyQuoteDirect has, in recent months, seen an increasing number of studio apartments and one bedroom flats come onto the market in central London compared to the usual amount expected.
Joe de Vries, of PropertyQuoteDirect, a leading light in the property and landlord insurance industry, has offered reasons for the rise in smaller flats on the market: "An increasing number of people have, unfortunately, been losing their jobs as businesses are trying to keep afloat in the current economic climate. Many businesses have thus been cutting back in order to maintain their market share in favour of growth within the industry. This, inevitably, requires less staff. We've seen that people who have their second, Monday to Friday, home in the city no longer need it and are thus selling up in order to ease the financial blow that comes with losing a job."
Many people are selling their "work" homes in order to free up some capital that could be used to renovate their "home" property. It is no longer affordable to make changes to a property and a substantial amount of money is needed, especially if family homes are to be sold at a good price. Many people who are looking to do this are finding their "work" asset proving to be quite lucrative and are selling without a second thought.
As demand for these smaller properties greatly outweighs supply, prices have been forced up; this therefore means that now seems to be the best time to sell such properties.
Another great way of making extra money is by renting out these "work" homes, of course this is only possible if commuting long distances is an option but if it is, then it may be worth it.
PropertyQuoteDirect is part of Bedford Insurance Services. If you would like any more information, or to request a quote, please do not hesitate to visit the website.
Joe de Vries
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