According to the research, property instructions overtook mid-2008 levels; internet traffic was back up to 2006 levels; new buyer registrations ‘boomed’ in January and February; and house price falls are beginning to slow. Whilst more buyers have larger deposits, new instructions are still lagging so the market is undersupplied with fresh stock.
On the lettings side, tenant demand was up by 15% compared with February 2008 and up by 46% year-on-year. New landlord instructions are up and rents are stabilising.
David Newnes, managing director of Your Move estate agents, said: “The banks have still got their hands tightly around the neck of mortgage finance. But if you’re lucky enough to have a nest egg, Warren Buffett comes to mind, “Be fearful when others are greedy. Be greedy when others are fearful.” If landlords can get finance, low interest rates, low house prices and a strong rental market makes now a superb opportunity to invest.
“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. Lettings are the silver lining of the past year’s market. Tenant demand in February was up strongly on 2008 – by 46%. More importantly, the flood of new stock coming onto the lettings market as some disgruntled sellers became accidental landlords has ebbed, taking the pressure off rents.”
