Consumer confidence hit hard in August

Looking at the latest data, the property market had a pretty dismal August – some would say dire.

According to Nationwide, prices fell by 0.6 per cent during August, while on Wednesday Halifax announced they had fallen by double during the last month - down 1.2 per cent.

Whoever you believe, what's clear is that the overall house price trend is down. There's definitely a sense, right now, that we're moving from 'flat' to 'falling' on the house price front.

It's a fine line but it feels like August, which was one hell of a messy month for the global economy and markets, may have spelt the beginning of a further downward slide in house prices.

Consumer confidence was hit hard, really hard — and when people aren't confident, people don't buy property.

What's certain is that if the economy goes pop again, which many increasingly believe it will, house prices will almost certainly go pop with it.

Unlike back in 2009, we're unlikely to have the bizarre situation this time round where house prices somehow defy the economy and actually rise during a recession. If anything, they're likely to exaggerate any dip in the economy.

As ever, this is not necessarily bad news. We all know that the time to buy is when there is blood on the streets. And as the stage is set for Global Economic Meltdown Part Two, there may well be plenty of it.

If the market does deteriorate, there will be buying opportunities aplenty for property investors. And not only will prices be low, but rents will soar, which is manna from heaven for the growing number of professional and amateur landlords.

The next 12 months are shaping up to be a difficult time for the property market, but for bold property investors who can move quickly, now could be the chance of a lifetime to increase their portfolios and position themselves well for many years to come.