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Peter Rickenberg

Managing Director

Peter Rickenberg

Mixed messages dominate the market.

The market continues to be dominated by mixed messages, some claiming price increases and some big decreases. Strangely I think both are true!

There is no doubt there has been a “bounce” in the last few weeks and we are dealing with much greater levels of activity. This is resulting in more offers, some of which are higher than we were receiving at the tail end of 2008 and this represents the price increase reported.

However there are still many properties on the market at unrealistic asking prices and these need to come down further if they are to meet the demand. For these vendors there is no doubt the market is still falling and will continue to do so. Properties that have reduced by 30% are selling and selling well. This is because they have re aligned themselves with some market fundamentals and therefore canny buyers know it is a good time to buy, invest or trade up.

We are also seeing the return of first time buyers which have been as rare as hen's teeth for the last eighteen months. These are “top quality” first timers with large deposits who still qualify for the amazing mortgage deals available if you can afford to pitch in 30% yourself. Others will follow in due course but not before a little more job security arrives and the tide of bad news abates.

Meanwhile there are some bargains to be had if that's all you are looking for and great value for those discerning buyers looking for the right home.

For more information contact Peter Rickenberg at:

Bective Leslie Marsh, 126 Ladbroke Grove, London, W11 5NE
020 7221 0099 www.bectivelesliemarsh.co.uk
Residential & commercial sales and lettings


Fiona Mongey

Lettings Director

Claire Gibbs

The lettings market still going strong.

Fiona Mongey, Lettings Director, tells us about the economy and how it all effects the property market.

The letting market remains very buoyant and active throughout all sectors. It is true that the amount of available property has increased significantly and in some case this has softened the rents. But for the most part prices and demand are holding up remarkably well.

I had expected corporate activity to be greatly affected by the economic downturn but this has not been the case and we have seen some particularly speedy transactions at the higher price level. I suppose the bottom line is everyone needs to live somewhere whether you are employed, unemployed, newly promoted or redundant.

Interestingly I am receiving a lot more enquiries from rental investors to double check the rental value of properties they are acquiring. It seems that value can now be found in the sales market. I suppose this is not altogether surprising given a base rate of 1% and a typical rental yield of 5% and at some point prices will begin to harden.

The prospects for the letting market remain bright even against the backdrop of economic uncertainty. The old adage of put your money in bricks and mortar remains as true as ever.

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