Insurance News Archive

Buyers 'sensing the property market is nearing bottom'

Written by Dan Winters

Buyers have sensed that the property market is close to the bottom and are now looking to purchase homes, according to an expert.

Lucian Cook, director of residential research at Savills, explained that those who are able to exploit the low prices are limited to people with cash or high levels of equity.

"There is still quite a tranche of people who are excluded from the market," he added.

Responding to the latest Hometrack figures, which show that the average property price in June remained consistent with May and April, he said that there were no surprises.

Mr Cook also agreed with Hometrack's report that the average time a property spent on the market fell from 9.9 weeks in May to 9.4 weeks this month, following the previous drop between April and last month.

"What you have had in very general terms, is applicant numbers have been building since the beginning of the year," he commented.

30 Jun 2009