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Property market recovery hope

Property market recovery hope

Category: Mortgages

Updated: 25/03/2009
First Published: 25/03/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

There have been encouraging signs of stabilisation in both the mortgage and rental sectors of the property market.

Property instructions in February had overtaken levels seen in middle of last year, its internet traffic had returned to levels last seen in 2006 and new buyer registrations had reached their highest since Easter last year, according to estate agent, You Move.

It also reported more interest from buyers with larger deposits, but with new instructions still lagging, the market remained under supplied with fresh stock.

The rental market also received a boost with news that February saw a significant 15 per cent month-on-month increase in the number of tenants signing new leases.

Year-on-year demand is up 46%, meaning the balance between supply and demand, which had been skewed because of accidental landlords flooding the market with unsellable properties, is beginning to ease as more tenants sign new leases.

"We've endured a painful adjustment in the property market but I think we could be seeing some light at the end of the tunnel," said managing director, David Newnes.

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