Tonight

Estate agents say buyer interest is on the rise for the first time in two and a half years.

Housing Minister Margaret Beckett says first time buyers should get on the ladder now to avoid being priced out this year. Her remarks were derided by opposition critics, who pointed out that many experts are predicting further property price falls into next year. With prices now having crashed 20 per cent in the last 18 months, is 2009 bargain time or could it be the year of buying dangerously?

In this programme, Jonathan Maitland reports on astonishing stories of success and disappointment from the frontline of the housing market.

Like Jackie Tomes, who along with her boyfriend, has finally jumped on the property ladder after buying a two-bedroom penthouse flat just outside of London in the Thamesmead area for £135,000 -- £35,000 under the asking price. The same flat was worth £300,000 six years ago. And to make the deal even sweeter, Jackie’s mortgage is nearly half of what her rent was. But is it a building in which others would like to live?

Jonathan looks at other areas of the country where the bargains are even better and meets a property buyer whose mortgage payment has dropped to just over £70 a month.

He also travels to the United States where the housing market first crashed and properties are now selling for a $1. But even at those prices – are they worth investing in?

And he finds the equivalent British homes now valued at a pound, but again it may be that is simply all they’re worth.

Last edited: Wednesday, 4 February 2009