» Glimmers of hope in the property market

Buyers dip toes in the water

Article Published: 9th December 2008

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Bargain hunters hoping to secure a good deal on repossessed and forced sale properties soared to a new two year high during November.

The glimmer of hope offered little to persuade industry commentators that we are any where near out of the current dire home buying crises.

Estate agencies only sold on average, 10 homes each in England and Wales in the three months to October 31st. Figures from the Royal Institution of Chartered Surveyors said that the lowest numbers of properties were sold since they began keeping records in 1978.

The Council of Mortgage Lenders (CML) said that it would not be producing its annual forecast for property prices, they believe that prices will fall further next year but could not correctly predict how far due to the lack of transactions taking place.

Although the general situation has not changed their was a further glimmer of hope as more people made tentative enquiries about purchasing than had done for some time. The Government has decided that it will still expect all homeowners to produce a Home Information Pack from April 2009.

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