Half Year Results |
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30th June 2009
We have just collated our figures for the end on the second quarter and are delighted at the results. As each office now moves into profit, I am delighted at the performance of all offices.
The Lettings Department has remained a constant source of business and has grown strongly over the year despite the dramatic reduction is fees are more agents try and procure market share. Rental values have also seen a decline as tenants are more frequently staying where they are rather than taking on a new tenancy. I believe this situation will change as the plethora of properties which were rented as as result of vendors failing to secure buyers will now find their was back onto the improved sales market.
June was simply the best sales month recorded since the words credit and crunch infamously joined together.
Sales agreed were dramatically up as buyers are keen to find a bargain before sustained price rises are reported and sellers demand more for their homes. Likewise, there has been a surge in exchange of contracts as buyers are keen to secure their property before vendors start to think about putting the price up and re-marketing. Whilst this may seem a little premature, there is definitely a feeling of optimism from all parts of the markets.
The number of properties under offer is now almost 100% higher than a year ago. There are no signs of the summer slow down just yet. We may be in the early days of recovery, this may be an economic bounce fueled by our old friends supply and demand. There is no doubt that many buyers have been waiting and there is no doubt that the number of properties actually available is lower. Nevertheless, as confidence returns, Banks will start to think hard about their lending policy not wishing to lose market share to the lenders with more flexible criteria.
This in turn will free up the Mortgage Market allowing more buyers the opportunity to buy whilst prices are relatively low.
One thing is for sure - the market is better than at any time in the last year.
