Confidence is declining according to estate agents

Posted: 09/05/2012

The property market is falling as buyers fade away through lack of confidence, claim estate agents. In the month of April, 1 in 5 estate agents have reported a drop as house prices hit an all time low for this year. The drop is being blamed on the end of the stamp duty holiday in March, which helped first time buyers take that crucial initial step onto the property ladder.

The Royal Institution of Charter Surveyors expect property values to continue decreasing as estate agents describe the market as ‘flat’ due to inquiries slowing up from new buyers and a low number of fresh properties coming onto the market.

The areas in the country that have been affected the most are in the North, especially Wales and the West Midlands which experienced the sharpest price fall in the previous month. Landlords in the North East are being urged to drop rents rather than have vacant accommodation, even if they drop their rent by £50 or £100 a month.

Ajay Jagota from KIS Lettings spoke to Property 118 and said, ‘Landlords need to work smart, or employ a reputable letting agent to work smart for them, in order to ensure their property is seen by potential tenants and is given the best possible sell.’

Are you a landlord or estate agent in the North and experienced this decline in the housing market?

Amanda McGovern, Pali Ltd
www.paliltd.com

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