Tuesday, 14 April 2009

Property market recovery is just ahead

...or maybe not...

From today's Telegraph....

Around a third of flats and 26 per cent of houses have failed to sell during the past six months, while 10 per cent of flats and 7 per cent of houses have been on the market for more than a year, according to property website Globrix.com.

The group said despite interest from potential buyers picking up during the past few weeks, falling house prices and the shortage of mortgages meant sales had remained static.

No let up in sight for London property woesIt said one-bedroom flats, which are traditionally popular with first-time buyers who are most likely to struggle to get a mortgage in the current market, were proving the hardest to sell, while three-bedroom family homes were most in demand.


Josh said...

It is a stagnant pool of unwanted overpriced homes.

roym said...

"while three-bedroom family homes were most in demand."

this has been true for a while no? presumably the profit margins werent so good for developers on these types of houses. are they still sitting on large land banks? i suspect we'll start seeing a few "family house" estates cropping up by years end

K T Cat said...

Here in San Diego, it looks like we're nearing the bottom. The price per square foot curve is flattening out. I don't think we're going to see an upswing, but it looks like the market will be levelling off. In fact, I just bought a 5 BR place for a price that was unheard of a few years ago. Opportunities abound if you have cash laying around.

Anonymous said...

Today's report seems like little more than the usual desperate attempt to talk up the market by the property industry.

Apparently 31% of surveyors are reporting a rise in new inquiries, but admit that there is no increase in sales.

And doesn't that suggest that 70% are NOT seeing a rise in inquiries?

As ever, buyers would be well advised to take estate agent talk with a handful of salt.