According to Hometrack, house values in England and Wales experienced a fall of just 0.3% during last month, this being the slowest fall in values for over a year. This is good news for the whole market, but does it indicate the return of the Quick Property Sale?

This indicates an upswing in optimism from estate agents across the country, who are now enjoying improved levels of market activity. Actual house purchases have also cautiously increased during the first months of 2009. The fall in house prices now comes to 10.1% in the last year.

Estate Agents have enjoyed an ongoing improvement in the number of would be buyers signing up with them during the last month. The growth is reported as being 6% over the last month, and 32% for the year to date. Coupled with this has been a move to more realistic pricing as sellers begin to accept market reality more readily. This has promoted a growth in the number of actual sales transactions. Agents have enjoyed a sales volume improvement of 15% for last month and a huge 70% for the year as a whole. Moreover it needs to be born in mind that this is from a very low base, and the buyer pressure and volume haven’t yet reached such a level as to ensure sellers can Sell Home Fast.

In usual market conditions, when the economy is settled, there are usually between 1 million and 1.3 million house purchase transactions per annum. Even given the present positive trends set out above, it is hard to envisage transaction volume exceeding 600,000 for the whole of 2009. This figure is of course 50% of typical volume, so notwithstanding the encouraging signs of upturn there remains a long way to go before the market is back to normal.

Many market factors are at work however. For example, there remains a lack of first time mortgage offerings from mortgage institutions. Eligibility criteria are tougher than for a long time and required deposits often as high as 25%. So despite the availability of cheaper house, first time buyers are still finding it hard to get onto the house ladder. Holding first time buyers out of the market has an elemental effect right up the property chain, and will hold back transaction numbers until there is an easing of first time mortgage availability. The positive aspect of this, on the other hand, is that a good many potential buyers are now opting to rent in the short term until they have got together enough of a down payment. This has the effect of boosting, so investors are being pulled into the market in larger numbers than of late. This is also driven by the fact that landlords can now command rents at around 6% of house value, against an average 5% two years ago. This is attracting new investor buyers in, and it’s therefore the sector I’d look to in order to Sell my Property fast in the current recession, but this is unlikely to fully compensate for a lack of first time buyers.

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This entry was posted on Friday, July 31st, 2009 at 2:42 pm and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.