Figures from Hamptons International have revealed signs of hope for the UK property market, with the number of net sales being agreed at their highest level for 12 months.
The firm’s figures revealed there are now over nine new prospective buyers registering for each new property put up for sale – an increase of 17.5%, when compared with the same period in 2008.
Property viewings across the residential sector have also risen sharply over the past few weeks, with buyers now moving more quickly to obtain stock, resulting in the ratio of offers-to-viewings increasing by 10% year on year.
However, this increase in applicant and viewing activity has not been mirrored by those placing their properties on the market for sale.
Marc Goldberg, head of residential sales at Hamptons International, commented: “The latest figures show that the UK market is beginning to undergo a definitive change; with an uplift in new registrations and viewings now starting to translate into net sales. Many people are turning to property as the best possible investment following the instability of the banking sector and sharp reduction in interest rates. In times of trouble, people want to invest in something that is real – to live in or to rent – as opposed to placing their money in the bank.
“More importantly, the contract in supply and increase in demand is usually a sign that the bottom of the market is in sight. Reviewing the current supply/demand balance and activity levels, we are already seeing signs of the bottom of the market in parts of London and we would expect to see this filter out in the country over the next few months."
Taken from: http://db.riskwaters.com/public/showPage.html?page=845410
Regards
Wasim
The firm’s figures revealed there are now over nine new prospective buyers registering for each new property put up for sale – an increase of 17.5%, when compared with the same period in 2008.
Property viewings across the residential sector have also risen sharply over the past few weeks, with buyers now moving more quickly to obtain stock, resulting in the ratio of offers-to-viewings increasing by 10% year on year.
However, this increase in applicant and viewing activity has not been mirrored by those placing their properties on the market for sale.
Marc Goldberg, head of residential sales at Hamptons International, commented: “The latest figures show that the UK market is beginning to undergo a definitive change; with an uplift in new registrations and viewings now starting to translate into net sales. Many people are turning to property as the best possible investment following the instability of the banking sector and sharp reduction in interest rates. In times of trouble, people want to invest in something that is real – to live in or to rent – as opposed to placing their money in the bank.
“More importantly, the contract in supply and increase in demand is usually a sign that the bottom of the market is in sight. Reviewing the current supply/demand balance and activity levels, we are already seeing signs of the bottom of the market in parts of London and we would expect to see this filter out in the country over the next few months."
Taken from: http://db.riskwaters.com/public/showPage.html?page=845410
Regards
Wasim
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