Homes are still a good investment, says Story

Last updated 11:44, Monday, 01 September 2008

BUYING a house is still a better investment than putting money in a bank, despite the property crash.

That’s the assessment of Fred Story, boss of Story Homes and Cumbria’s highest profile housing boss.

Mr Story claims that houses will always hold their value, whatever happens in the market, and that people should use the current problems as an opportunity to grab a bargain.

He added: “It appears that the market-savvy house buyer has had enough of the doom and gloom and is happy not to focus on the negatives for a while.

“People are being choosy about what they put their money into at present, but property is still a good investment and statistically will probably remain a better investment long term than putting your money in the bank.”

Mr Story spoke out in the week that it was revealed that house prices had seen their biggest drop since 1990, falling for 10 months in a row, with the average house losing 10.5 per cent of its value.

Despite that, Story Homes said it had seen a 100 per cent increase in interest in two of its major developments.