Buying property now unwise for consumers

UK homeowners considering whether to move or improve have been advised that now is not a good time to invest in property. chairman Simon Preston explained it would be "unwise" for non-investors to purchase a property now in the belief that it may become "a good investment" within the next five years.

His comments may spur some on to build a conservatory or kitchen extension.

"For someone where it is their primary residence and probably the largest part of their own personal portfolio, it is pretty high-risk to take the investors perspective," Mr Preston said.

The National Association of Estate Agents (NAEA) reported on May 18th 2009 that estate agents sold more houses in April than in any month since October 2007.

It found the average estate agent sold 9.59 properties in April 2009, compared to 8.43 in March 2009 and 6.8 in April 2008.

Meanwhile, Rightmove recently stated sellers increased their average asking price by 2.4 per cent (£5,364) during May.