London Property Market continues to improve |
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22nd June 2009
As we near the end of the second quarter, I am delighted to say that the apparent recovery in the housing market continues. Sales have increased for the 6th consecutive month and the number of contracts exchanged have dramatically risen by over 30% this month so far! In June, we exceed May's total by the end of the second week which makes the Board very happy indeed as the unfamiliar word 'profit' returns to our vocabulary. The number of properties under offer is nearly double what is was 6 months ago.
Instruction levels remain low and it is apparent that some of the needier agents are slashing fees in an attempt to procure business. Whilst this may seem a bonus for the seller, the fact is that cheap fees do not provide the agent with the resources to properly market a property. These agents are generally ones whose advertising and internet presence is conspicuous by its absence.
Our lettings departments continue to dominate the areas in which they operate with another strong performance in May and fantastic signs for June.
Again, fee levels are proving to be the favoured method by which some lettings agents secure business rather than service. ARLA accreditation is essential and far better value than saving a few pounds on commission.
I sincerely believe that we have seen the worst of the housing recession. There may be instability, but there is a trend of positivity. It will take time to cement into full recovery, but so far, so good. We have now started to expand out teams and are delighted to be recruiting new staff to strengthen our overworked teams.
