Will prices and sales pick up?
Nationally, it’s likely that up until the summer months of July/August, activity will continue to improve in areas where this supply versus demand is starting to match and where property types, such as some city centre flats are still oversupplied, prices will continue to fall. July and August are likely to be quiet months and the media could well be full of ‘doom and gloom’ again, causing people to hold off buying and selling.
However, other frustrated buyers/sellers will want to make and accept offers after the summer to move before Christmas, so there will be another flurry of activity from September through to the end of October and as we head towards Christmas, November and December will be quiet months again.
As rental properties are slowly filled with those would be first time buyers, rents will start to rise and hopefully - when 90% lending comes back in - will trigger many of those that wanted to buy to start entering the market again. A lack of supply of properties versus increases in demand will start to push prices up in some areas, while other areas will just see a welcomed increase in the number of buyers and sellers, with property types short in demand (such as character properties) likely to increase while others won’t move at all, but selling will become easier.
The market will really start to recover when unemployment figures start to stabilise, confidence increases and we see developers increasing the number of new builds from the currently low levels of around 70,000 back towards the 240,000 properties they were building.
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