12. March 2010 12:02
According to Government statistics the UK officially came out of recession last quarter. With this in mind, Home Sale Network has conducted a survey among its members to identify how the property market has changed since Home Sale Network’s survey in early 2009. Focusing on buyer enquiries, sales and potential hurdles in the market, the survey results indicate that buyer enquiries and sales agreed continue to increase month-on-month in 2010.
87% of respondents saw an increase in the number of buyer enquiries in January 2010 compared to December 2009. When asked whether respondents saw an increase in the number of sales agreed in January 2010 compared to the previous month, over two thirds (67%) indicated that they had.
Asked what the single greatest hurdle for the property market was in January 2010, 10% indicated vendors had concerns about redundancy and job security and 18% cited unrealistic price expectations. Similar findings were reported in last year’s survey with 15% pointing to unrealistic price expectations and 9% indicating concerns about job security.
Interestingly, 29% indicated the lack of available mortgage finance was the biggest hurdle for the market in their local area in January 2010. This figure has significantly reduced from the January 2009 figure of 70% who cited a lack of available mortgage finance as the biggest hurdle. Furthermore, just 6% of respondents suggested the lack of available properties for sale was the biggest hurdle in January 2009. This has increased to 43% of respondents now suggesting property supply is the biggest challenge.
Aside from year on year comparisons, the January 2010 Home Sale Network survey also asked respondents about the affect January’s adverse weather conditions had on their business. Over half of respondents (55.5%) indicated snowy conditions had affected their business prospects by a quarter. A further 25.5% suggested their business prospects were affected by as much as half and a further 19% reported their business prospects had been affected by over a half.
Kevin Moll from Kevin Henry Estate Agents, the member of Home Sale Network in Saffron Walden said, “Interestingly, the year on year survey comparison suggests the mortgage market is improving, with more than a 40% decrease in the number of respondents indicating mortgage availability as the biggest hurdle for the market. With over two thirds of respondents indicating the number of sales being agreed increased in January 2010 month on month and buyer enquiries also increasing, this year could be the right time to sell your house.”