photo credit: woodleywonderworks
Any recovery in the UK real estate market next year is dependent on financial liquidity, the boss of a leading London estate agent has said.
Robert Bartlett, Chesterton Humberts chief executive, also said the worst of the country’s property price falls had passed and buyers were now out in force.
But he said until liquidity returned sales would not pick up significantly, and urged the government to help first time buyers to enter the market.
Earlier this month Smartnewhomes.com released a report saying the average new build property in the UK is now going for £226,517 – down 2.5 per cent between October and November.
Mr Bartlett said:
“With the worst of the decline behind us, potential buyers are now out in far greater numbers than in previous months, believing we are very close to the bottom of the market.
“The number of [Chesterton Humberts] viewings scheduled this month equals that of a year ago and the number of offers is actually above last year’s level.”
He added the lettings market is likely to remain “buoyant” throughout 2009 due to high demand as some buyers remain largely on the sidelines.
A large number of six month lettings contracts are thought to have been signed in July to September and a question mark remains over how many of them will be renewed.
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