Are Residential Sales Shaping up for 2010?

After a tough couple of years for the UK property sales market, it has been reported healthy figures so far for 2010. They are seeing residential properties for sale remain on a steady footing and in some cases even return to peak levels last seen in 2007 which results in a confident outlook for the rest of the year.

Previously there has been a notable absence of sale property on the market, due to the global economic downturn and the insecurity of the market place. However, reports show that their level of stock is now back on a par with 2009 and expect that national stock levels to be less of an issue as we move forward into Q2 and is one of the reasons for the price stabilisation over the last few months.

Another reason for real estate confidence is their actual number of sales so far this year; an impressive 27% increase from 2009 figures. This could be attributed to the evident rise of buyers within the market. These buyers are both from within the UK, with the London property market included, and from overseas and may be especially attracted to the UK market due to the economic backdrop of low interest rates and a weak pound, not to mention the 12 months of rising prices. In fact, there was a 21% increase of applicants registering with the real estate network which would have had an effect on their strong growth figures.

Market confidence is not exclusive to certain real estate agents as the entire UK property market seems to have an elevated attitude following the positive figures that have been reported in the first quarter of this year. Essentially the property market has been on a diet for the last couple of years and is now in good shape thus making it an excellent time for prospective vendors to put their property on the market.

Written by Hamptons International

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