Market confidence returns
Andrew Kay’s weekly property round up: Estate Agents are now seeing a return of confidence to the market
Hampton’s are reporting excellent trading figures despite current alarm in the property market.
‘‘We are currently marketing 83 per cent more property than at this time last year. In spite of the negative backdrop to the UK market, buyers are becoming more motivated by the greater selection of properties for sale at more affordable prices and indeed April proved to be the best month of the year so far.“ Says Marc Goldberg, Head of Residential Sales.
“Almost all our buyers are looking for a long-term home and a 10 per cent to 15 per cent correction (up or down) should not be cause for the alarm being generated by certain quarters in the media or City.
Giles Soutry, Michael Walker and Jon Byers Regional Sales Directors Analysis add ‘‘For anybody looking to trade up, the trading gap is very much in their favour at the moment, but they must remember that the saving they make on their new home has to be reflected in their own home’s asking price. There are still many vendors on the market hoping to get an inflated price on their own home, but they will be lucky to get a serious offer. For those vendors who have listened to advice from a credible and experienced agent, spoken to a variety of good independent financial consultants and priced their property at a level to attract interest, the market is hardly the frightening jungle some are making it out to be. The facts from the shop floor are finally starting to look encouraging: against Q1-08 we have seen a rise in April in terms of stock up by 80 per cent, new applicants by 35 per cent, viewings by 77 per cent, offers by 46 per cent and net sales up over 50 per cent indicating now is as good a time as any to move.
The announcement of the Bank of England liquidity scheme has been broadly welcomed, Jonathan Cornell, MD of Hamptons International Mortgages said, “Clearly any move to alleviate the problems, which have paralysed the credit markets is welcome and long overdue. The fact that it will allow anonymous borrowing is a clear benefit as previously trying to borrow from the Bank of England on an anonymous basis has been impossible compared with other central banks. This move is a welcome first step to rebuild confidence in the credit market”.
