M Winkworth PLC (“Winkworth”), the leading franchisor of real estate agencies, today publishes the first of a series of quarterly reviews analysing trends and the outlook for the UK residential property sales and lettings markets. The data for the report is gathered from a monthly survey of franchisees and should therefore be considered as indicative rather than factual. Follow this link for a full copy of the report:
Winkworth Market Analysis
Summary
The sales market has started in significantly better shape in 2010 than 2009, with most offices announcing good interest from buyers, higher levels of transactions and some growth in stock levels, although a lack of property on the market remains a problem
2010 has heralded a pick-up in the number of UK sales appraisals conducted by Winkworth offices. On an annual basis, appraisals were up 42% in January and 74% in February
Compared with last year, new instructions were up 77% in January and 102% in February
Registered buyers are tracking around 40% higher than a year ago, with a gradual improvement in buyer confidence, improved availability of mortgage finance, and a resurgence in the number of cash buyers In terms of the number of indicated transactions, there was growth between December and January (+27%), and December and February (+70%). This probably represents the most buoyant period we have seen for a couple of years
While tenant demand for lettings is on the up, with a lower level of properties available the overall number of lettings is lower year-on-year, with indications for January down 14% and February 27%
Dominic Agace, CEO of M Winkworth Plc, comments ‘After a period of uncertainty early in the year and poor weather conditions, sentiment in the property market is improving as mortgage finance, while still restricted, continues to cheapen. The prime property market remains extremely buoyant with currency weakness attracting a steady stream of overseas buyers. The increasing shortage in rental stock reflects a return to historic levels without significant upwards price pressure.’
