maRkEToutlook
house price above the threshold and as Homes have had a 100 per cent increase in
developers continue to sit on land across enquiry levels since the beginning of the
the UK, in London demand is up. year for its Kingsbrook Park development.
“As far as the new development market “Canterbury is one of the prime UK cities
is concerned, we are seeing high levels of to withstand the housing downturn.
demand in London for finished or nearly Property prices in Canterbury were not
finished units; the polar opposite of the overly inflated at the peak of the market
market two years ago where buyers saw the and as a result homeowners have not seen
advantage of buying off-plan,” explains a significant reduction in their investment”.
Peter Braithwaite, Head of DTZ FindaProperty.com’s, Michael O’Flynn,
Residential. The reason for this is the also highlights regional trends in the
advantage of being able to have the pattern of market recovery. “Activity in the
property valued and arrange a mortgage market has definitely increased,” says
prior to exchange of contracts, bearing in Michael. “Buyer enquiries are up, sales
mind that most lenders will only validate a agreed have risen, mortgage approvals for
mortgage offer for three months.” house purchase are up and the pace of
“Stock levels however are drying up price fall is easing. What we’re looking
rapidly as many developers sit on land, “Our own data confirms that in April,
rather than building in a depressed market. enquiries to agents were up 6.4 per cent at now is a recovery
This imbalance of supply and demand is over the month, in May the number of
creating competitive interest, particularly properties for sale listed on FindaProperty. in the sense that the
in well located central postcodes, however com fell by five per cent and that since
in the longer term, excluding prime central February stock levels have been falling, and pace of the decline
London, confidence will only return when are down 13 per cent since then. However
FTB come back on the market.” asking sales prices are up one per cent is easing, but it’s too
Similarly, Berkeley Homes report month-on-month. This is the largest
significantly diverse geographical trends monthly percentage increase seen since soon to say whether
saying that Canterbury will be one of the before Jan ’08 and May is the second
UK’s best performing cities when it comes successive month that we have recorded a we will bump along
to house prices. “Values in Canterbury rise in asking prices.
have fallen only five per cent in the last 12 “Anecdotal evidence of strong interest the bottom for a
months,” says Piers Clanford, Operations from buyers is certainly out there, and
Director at Berkeley Homes (Capital) Plc. reflects local market conditions, but as for while or see a return
“It appears this market is being fuelled by a the bigger picture the improvements
thirst for new build homes and Berkeley recorded are off a very low base. Market to more normal
conditions.’
Anecdotal evidence from South West London
michael o’flynn,
findaproperty.com
activity is still well below average trends.
There’s a growing, and, I think, realistic
sense that the market is past the worst.
“Broader economic trends are
encouraging but employment is still an
issue, as is lending. What we’re looking at
now is a recovery in the sense that the pace
of the decline is easing, but it’s too soon to
say whether the we will bump along the
bottom for a while (an L shaped trend) or
see a return to more normal conditions (a
U shaped one).”
The reality is, housing markets take a lot
longer to turn than stock markets and in
America, house prices began falling 12 –
18 months before those in Britain – they
are still falling at record levels.
lilyville road SW6
Marketed in 2008 at £1,375,000; the highest offer of £1,150,000 was rejected. After four
What is your experience in your area?
offers it was agreed at £1,260,000 with a cash buyer. (Mid May)
www.propertydrum.com/articles/light
36 JUNE 2009 PROPERTYdrum
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