As we now approach spring it seems apparent that the market is starting to show signs of recovery. The beginning of the year has been difficult; we have seen fewer applicants register in January and February than in previous years and the number of sales agreed has also been lower. However considering the so called experts were predicting a property market Armageddon, with prices dropping by 50%, soaring numbers of repossessions and estates agents reduced to taking honest work, we have not been too unhappy with the start of the year. Prices have dropped by a percent or two, but it seems enough to have tempted buyers back into the market. Our Thornton Heath and West Croydon branches (traditional first time buyer markets) have seen a marked increase in business in the last two weeks and this should soon filter through to our Addiscombe and Shirley branches. What we are seeing seems to be a meeting of minds between sellers and buyers, sellers now understand that they need to be more realistic with their asking price and buyers are beginning to realise there is not going to be a dramatic fall in property values and this is probably a good time to be buying. We are confident that the market will now remain stable for the rest of the year.
Martin Price Simon Ford James Kinsella
