Property Market Returning?
Posted by jamesdearsley on April 1, 2009
Could this be the moment that we have been waiting for? There have been silent whispers for the last few months around the figures released from the RICS surveys each month – these have clearly shown a decrease in the rate of price falls in the UK Domestic Property market while also reporting that client numbers are increasing (have now been increasing for the last four months in a row……)
There are now even more figures, from other sources that are starting to stick their heads above the parapits
There was a small report in the “Homes Section” of the Sunday Times that you can read by CLICKING HERE It was very encouraging referencing the increase in mortgage approvals in Feb to 28,179 from 24,278 in Jan and this was further supported by Simon Rubinsohn, chief economist at RICS ,quoted in the OPP magazine saying that these levels WERE THE HIGHEST SINCE MAY 2008!
When you view these statements alongside what is being whispered currently in the overseas markets, the green shoots really are starting to appear. Again, reported in the OPP magazine, you have people referencing High Net Worth Individuals looking to increase their exposure in the Residental Property Market in the next two years (55% agreed with this statement)
You also have facts from Primelocation.com stating that searches for International property had increased past the ONE MILLION barrier in February and an increase in January, against the same time last year, of 72%!
The article in OPP didn’t stop there (CLICK HERE by the way for the article). It stated the following:
- Though there wasn’t a huge decrease, interest was increasing in Spain now that prices had had a correction
- All that has changed is a change in the reason for purchasing i.e. lifestyle rather than investment
- There has been an increase in interest in Florida
- There has been an increase in interest in Italy (the best month since Summer 2006!)
- An increase in interest in Egypt was reported
- Another increase in the ever popular Cyprus was also reported (especially from the UK and Russia)
All this points to a common theme at the moment which is that interest levels are starting to rise again. Of course, this does not mean that the difficult market is over but it does mean that people are willing to look once more.
If you price yourself right and are well positioned in the market place there could be some interesting times ahead.