New buyer registrations were abysmally low at the end of 2007 – but the end of 2008 and the beginning of 2009 is seeing new interest soar.
Peter Rollings, managing director of Marsh & Parsons, said: “The last quarter saw a huge influx of new buyers onto the market in London compared to last year and the first week of 2009 was unusually busy. Buyers are back with a vengeance, and what is different to last year is that they are starting to make offers – we have agreed 5 sales in the last 48 hours and all went to ‘best and final’ offers. House prices in London are always quick to react to financial crisis and people are starting to recognise it’s a fantastic time to buy now. Property prices have fallen, in some cases substantially and, if you have a decent deposit - there are some great mortgage rates available. “
Rollings continued, “I don’t think we’re out of the woods yet, but the past few weeks have given us hope. Buyers are making offers and sellers are accepting them. People need to move house for a wide variety of reasons and I think, at last, some of the paralysis has left the market for buyers with enough cash to get a mortgage.
“We now need the government to keep its promise on mortgage finance and get banks lending to first time buyers again. A boost at this end of the market would do wonders for the economy.”
