Buyers stay optimistic but where does that leave landlords?
Landlords holding buy to let insurance would most likely be among those to subscribe to the view that long-term investment in property can never be a bad thing.
There may be short-term fluctuations in price that can appear problematic but viewed from a much wider perspective, property investment is solid.
Whatever else happens, over the years the price of property will invariably rise.
Since the Credit Crunch first struck four years ago there have been a number of events which have occurred in the property market that served to shake the belief that investment in bricks and mortar should be as solid as its foundations.
After all, it was problems with sub-prime loans which triggered the collapse of the US housing market in 2007 – an event which effectively started the economic crisis which continues to this day.
But, while UK house prices were hit, they did not actually collapse. There have been price falls in all areas of the property market over the last few years and many areas are still below where prices were four years ago – but they will come back.
Despite the many difficulties which exist in the current property market, there remains an unshakable confidence in the sector in respect to long-term growth.
Those who fear the market and react by panic selling may get hurt – but those who remain strong in the face of this current economic adversity should see the benefits.
Landlords therefore need to protect the valuable assets they own by making sure they take out insurance for rented property.