Russell Hunt, managing director of Property Hunt, a London search agency, says, ‘According to recent statistics, the number of sales are between 50 per cent and 60 per cent down when compared to 2007 in central London postcodes. There is a shortage of property on the market, which is combined with a lack of realism amongst vendors. Low sales volumes are linked to vendors’ and buyers’ differing interpretations of the value of the housing market, but I think that sales will start to pick up in the latter half of 2009.’
David Bexon, managing director of independent new homes property portal SmartNewHomes.com, says, ‘The number of sales achieved will continue to suffer in the short-term, as buyers wait for more competitive mortgage rates, and to see how far prices might come down. However, I believe the total volume of sales is now close to the lowest point we will experience, and the Government’s efforts to resuscitate the ailing banking system, along with the promise of heavily slashed interest rates, will work to restore enough consumer confidence for many buyers to make a return to the market – leading to a tentative recovery for overall sales volumes by the end of 2009.’
Liam Bailey, head of residential research at agents, Knight Frank, says, ‘Sales volumes will hit a low point in late 2008, at only around 30 per cent of their long-term average but will recover to reach 60 per cent of their long run average by the second half of 2009.’
A slow recovery throughout 2009 with more houses for sale in Autumn 2009 than at any point in 2008.
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