Residential estate agency, Hamptons International has revealed net sales achieved across London and the south of the UK in March 2010 were at their highest since peak market levels of May 2007. This announcement signals a very encouraging start to the year for the UK residential market following 12 months of rising property prices and returning confidence.
At a time when mortgage applications have increased by 49 per cent compared with last year¹ Hamptons International can report:
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Net sales achieved by Hamptons International for March 2010 at highest level since market peak of May 2007
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Demand for property has increased; applicant numbers have risen 19 per cent in March 2010 compared with last year
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Average sale price achieved for properties in London up 16 per cent on March 2009, with some property values exceeding peak market levels of July 2007
Marc Goldberg, Head of Sales at Hamptons International said, “March 2010 has been a bumper month for property sales at Hamptons and we are confident that the strong start to the year is pointing to good trading months ahead.”
“A decrease in properties fuelled an increase in prices in the first quarter of the year, particularly in London. However, stock levels are now beginning to improve across the board. Hamptons has taken on 22 per cent more instructions in March 2010 than the previous year, which will no doubt have the impact of reducing inflationary pressure on prices bringing stability for the remainder of 2010.”
London has been our strongest performing region with sales up 41 per cent compared with March 2009.
Marc continues: “There a number of factors which have combined to make March 2010 one of the best months for property sales in almost three years. Low interest rates, a strong stock market and the receipt of city bonuses during March contributed to a strong performance. However, crucial for London has been the weak position of the British pound attracting a high number of overseas buyers to the UK residential market. Prime London locations such as Kensington, Knightsbridge and Chelsea are registering strong interest from foreign purchasers looking to capitalise on the exchange rate and invest in London when prices are more affordable.”
Hamptons International will be capitalising on current interest from foreign buyers as The Collection, a global roadshow of prestigious London and country-based properties, is set to be held exclusively in the Middle East and Hong Kong to attract both professional and non-professional investors in May.
Marc concludes: “Overall, the outlook for 2010 is very promising. We are yet to see any slowdown in the market as a result of the General Election so we are confident that as we head into what is traditionally the busiest time of year for property sales, activity levels and demand from both UK and overseas buyers in the residential market will remain high”
For media enquiries please contact:
Kate Tulip, Press Officer, Hamptons International, 020 7758 8405 tulipk@hamptons-int.com / Twitter: twitter.com/HamptonsPR