In spite of the credit crunch we have been pleased to see a comprehensive increase in the number of enquiries from purchasers. Last month we saw the number of viewings double from the same month in 2008 and this is with less properties to offer.
We are seeing a number of buyers who are disappointed with the returns they are achieving on their money in other investments and in the bank and are on the hunt for a bargain. Some purchasers also feel that we may be close to the bottom and are keen not to leave purchasing a property very much longer. It is fast becoming evident that we are running out of sensibly priced property from vendors who are keen to sell.
Although this increase in activity is widespread, it is still only a small part of the market. Stagnation is rife between vendors who do not have to sell and bargain hunters; however there is some evidence that the gap between these two groups is closing.
Auctions tend to suit vendors who are serious - but not always forced - to sell and provide a good feeding ground for proceedable purchasers looking for a good deal. The 'same day conclusion' is still proving popular with both sides and our auctions have been very well attended.
Money is still not available and circulating as is required and I believe this will be key to any recovery. It will be interesting to see the effects of the deal between Lloyds Banking Group and the Government to lend more money. History shows that these sorts of government incentives take a long time to filter through to those they are designed to help.
For further information, contact Andrew Ranson on 01295 226288 or email andrew.ranson@fishergerman.co.uk
