Property market stirs

There was a 22% increase in net sales during November 2008, when compared to the previous month, according to Hamptons International.

London witnessed a 12% increase in net sales during the same time frame. Net sales were also up nearly 2% compared to this time last year, indicating the pent-up demand currently within the UK property market.

With a further drop in interest rates and vendors becoming more realistic about 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 on at the right price, people are interested,’ says Phil Tennant, director of Hamptons International.

The agency 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.