Star comment: All eyes on the property market

It is subject to ups and downs, as prices rise and fall, though generally the trend is for those who own property to become increasingly wealthy.

Property has been a good bet for investors for many decades, and beyond its importance as an economic indicator, it is also hugely important to individuals.

For most people, a home is the most expensive purchase they will ever make. People naturally follow the movement of property prices, as they see their own fortunes rise or fall.

There have been turbulent times in the property market of late. After years of rising prices the market was shocked by Liz Truss’s mini budget, which knocked tens of billions off the economy. As Rishi Sunak and Jeremy Hunt have sought to repair the damage, alongside efforts made by the Bank of England, interest rates have spiralled.

The days of low interest rates are over and both mortgages and rents are substantially higher than a year ago.

There are those who believe the property market is in for a period of prolonged stagnation, as the work-from-home phenomenon, allied to higher interest rates, means there is less activity and fewer increases in value.

However, estate agents across this region remain upbeat about the market. They are seeing positive signs for the future. In our eight-page guide in today's newspaper we feature advice to help guide people through their next step on the property ladder, as well as a range of properties on the market across the region

We are a nation of property owners and being clued-up is all-important.

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There is much talk about AI as the technology begins to advance. While it may not quite be the doomsday scenario that some predict, it will certainly create challenges, as well as having the potential to help in other ways. One thing is certain, our lives will change beyond measure in coming years.

Some jobs will go as industrialists look to reduce the cost of labour by replacing human beings with machines. Elsewhere, technological advances should help to improve healthcare, the environment and other important areas of society as AI is appropriated for good.

It is important that Governments across the world are on top of developments, so that proper regulation is in place and the technology is used for good. We have seen with the rise of the internet that such advances can be put to good use, as well as being used by those with nefarious intent.