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UK property market off to a solid start

At a time when mortgage finance and economic uncertainty have severely hampered activity in the property market, the latest figures from Hamptons suggest there are encouraging signs of improvement.  The company has increased the number of properties on its books by 17 per cent and the number of people considering putting their property on the market and requesting property valuations also increased by almost a fifth (19%) compared with this time last year.

Hamptons’ figures demonstrate that demand is also growing.  The number of people who are looking to buy a new property has increased by 10 per cent since January 2010 and 23 per cent since January 2009.  General market activity has also seen an increase, with 13 per cent more applicants viewing properties across the Hamptons International network compared with January last year.

Marc Goldberg, Head of Sales at Hamptons International, said:

“Our January figures confirm that there has been an uplift in activity in the property market this year.  The fact that we have seen notable increases across market appraisal requests, stock levels and buyer registrations – all of which are key indicators – compared with last year goes a long way in showing that the property market is getting back on its feet. 

“An improvement in stock levels is particularly promising and due to a pent-up desire to move home, built over the past couple of years as people have put their lives on hold to ride out the economic crisis before deciding to find a new home.  In spite of the increase in activity, these buyers are expecting value for money and if stock is not realistically priced, it will stay on the shelf.” 

“Overall, this is a good time to sell, although the market is becoming increasingly price sensitive.  We continue to anticipate a relatively healthy market for 2011, short of sharp interest rate increases.”

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One thought on “UK property market off to a solid start

  1. Sonya Brice says:

    Great insight. I think it also depends on where you are regionally in the UK, as some regions have experienced an uplift in the property market, i.e. Cardiff, whilst in other areas, there has been an influx of properties on the market and devaluation of property prices i.e. in Birmingham.

    Today we also reported that there has been a dramatic drop of 200,000 new homes going through the planning system in the last 10 months, so this will also have an impact in the long-term on property stock levels during the next 18 months or so.

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