London Property News

Signs of Property Recovery?

Author: Callum Roberts Thursday, 11 December 2008



Dillon Callum MNAEA (Callum Roberts Director)
Are we seeing the first signs of a property recovery?

Dillon Callum MNAEA (Callum Roberts Director)
Are we seeing the first signs of a property recovery?

November and December are usually seen as a quite time in the housing market here in Holborn and Bloomsbury.

This is also usually the case seen across London and the country as a whole.

However, at our Holborn office over the last 6 weeks, we have seen an increase in the number of serious enquiries, some of which have turned into sales offers.

This has been reflected in a recent survey by RICS (Royal Institute of Chartered Surveyors) and a separate one by The Council of Mortgage lenders. Both have seen a rise in enquiries and Mortgage offers, which is the first time this has happened for two years.

House prices across the country fell by 16 percent last year, although prices in Central London, The City and Bloomsbury have only seen falls in the single percentage point range.

As the pre - Christmas sales in the retail shops begin to take hold, it seems that there are many who see a bargain or two in Bloomsbury and The City housing market and are making the most of it by securing these bargains now.

It is anyones guess what is going to happen next year and the first quarter will be closely watched by economists across the globe.

The pound is weak, as is confidence. The Government has reduced VAT to 15 percent (as a temporary measure) and the Bank of England have reduced the base rate to 2.0 percent. Maybe these measures are beginning to help bring back a flurry of much needed activity?

If only the high street Banks would release their purse strings and start lending at rates which reflect the historically low base rate. Only then will we see stabilisation and a full recovery will (in our opinion) begin to take hold.

To see our appearance on Channel Four News on 9 December 2008 and the interview with Dillon Callum on this subject, please click the link shown on this page.

At least for the time being, it seems that with the recent activity we have had in our market, we might be able to afford a turkey for our Christmas dinner after all!

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