Sales up for November 2008
22 December 2008
The latest property figures from Hamptons International show there was a 22% increase in net sales during November 2008, when compared to the previous month.
London witnessed a 12% increase in net sales during the same timeframe. Net sales were also up nearly 2% in comparison to this time last year, indicating the pent-up demand currently within the UK property market.
With a further drop in interest rates and property vendors becoming more realistic about house prices, many buyers have been encouraged back to the sales market.
The latest Hamptons International figures reveal that property prices are on average 20 - 25% lower than their 2007 peak.
"We are seeing many buyers scanning the internet for great deals as the year ends. There is certainly a great deal of pent-up demand in the market, with many realising they can't put off buying permanently. If properties are for sale at the right price, people are interested," comments Phil Tennant, director, Hamptons International.
Hamptons International predicts the 'bottom of the sales market' is likely to be reached at some point in 2009 and with distressed sellers prevalent, the year ahead might be the best buyers market seen for some time.
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Please contact BDI Home Finders in London by calling 0845 603 6110 or contacting us by e-mail.
