RICS reports highest applicant registration in 10 years 10.06.2009

Author: David Whittaker Posted on: 10 June 2009

There are many components that make up the property market but at the head of the queue is people willing to buy and these figures are a very necessary first step.

Bizarrely the problem that will soon appear is lack of stock.....

• New build levels were only 75,000 in 2008 (against gov't expectation of 200,000) and even lower figures are expected in 2009 and 2010
• Reposessions in Q1 were 12,500 against an expected annual total of 75,000
• Vendors will need to feel that they will get fair value for their property whilst buying a new property at a good price - not an easy conundrum.

Mortgage rates and Loan to values have improved since the beginning of 2009 so purchasers either for owner occupation or for investment are showing more activity.

The market will produce mixed data over the summer dependent on sampling techniques - for example data from Land Registry is 15 weeks after house price surveys from Halifax or Nationwide, one of whom reports mid month and the other at month end. The old quote of "lies, damn lies and statistics" has never been more relevant.

You can read more on that on my previous blog on Land Registry Figures or take a look at our Buy to Let mortgages or Landlord Information Zone.

Author: David Whittaker