Figures from Hamptons International reveal substantial increase in buyer interest
17th February 2009 – The latest figures from Hamptons International reveal that property viewings across the UK have risen sharply in the last few weeks, with a 50% increase when comparing this year to the previous year. The findings show how many potential buyers are being enticed back into the sales market as a result of falling house prices and strong investment opportunities.
In London, prime areas such as Knightsbridge and Belgravia/Pimlico witnessed a rise in viewings of 77% and 78% respectively. This increase can certainly be understood when one compares current property prices in these prestigious areas; a London property requiring the equivalent of £1 million in capital in Dec 2007 can now be acquired for approximately £750,000 (Dec 08).
Across the rest of the Country, the upswing in activity was also apparent, particularly in the commuter belt counties of Berkshire, Buckinghamshire and Hertfordshire.
Even at the top end of the market, viewings were up substantially. For example, in Guildford over 100 viewings took place in the first three weeks of January for properties with a guide price of £1.5 million +.
This is certainly echoed with buyer registration figures too, with Hamptons’ data revealing that the number of buyers registering in January has jumped to the highest level for nine months. Even first-time buyers are cautiously approaching the market, tempted by historically low interest rates and attractive prices.
Marc Goldberg, Head of Residential Sales, Hamptons International comments, "The increase in new buyers registering and the uplift in property viewings provides clear evidence of the pent-up demand across the Country. With lower property prices, a cheaper cost of borrowing and greater price realism, many buyers who held-off moving or remained in rental property during 2008 have decided to take advantage of the current property market and opportunities available."
"The increase in overseas buyers has also added to the uplift in viewings. The relative weakness of the pound in combination with recent price drops has created an extremely favourable climate for foreign investors in the UK," continues Marc Goldberg.
The increase in applicant and viewing activity is already showing signs of converting into an uplift in sales during February.
Hamptons International predicts that within the next few months the bottom of the market will be reached.
For media enquiries please contact:
Jane Jorgensen, Associate Director – PR, Hamptons International
0207 589 9775 or jorgensenj@hamptons-int.com