Investors urged to 'hang on'

People who own property in a market which is slowing down have been urged to sit tight and wait for an improvement.

BuyAssociation stated that some of established investment markets such as Spain have recently witnessed a decline in house prices.

However, the online portal has recommended that people do not put their residence up for sale, as the location could be seeing a glut of resale properties entering the market.

If people do attempt to sell up in this climate, they would not be able to command a high price and could potentially lose money.

Therefore, it has suggested that people wait for the "cyclical" market to pick up again.

Paul Collins, property editor at BuyAssociation, commented: "Just hang on and try and make some money through rentals - hopefully you keep the value of the property up that way."

This echoes recent advice from the Independent, which said that no property downturn "lasts forever".

The newspaper recommended that investors consider purchasing a bargain property before the housing market picks up again.