Positive start to 2010, says Connells
14 April 2010
The housing market has got off to a great start in 2010 despite fears of a double-dip recession and uncertainty about the upcoming General Election.
Figures released today by Connells comparing the first three months of 2010 to the same period last year, reveal greater levels of interest from prospective buyers, more sellers putting their properties on the market and greater numbers of mortgage applications at the start of this year.
Connells recorded a seven per cent increase in the number of would-be buyers registering at its branches since the start of the year compared to the same period in 2009. “It’s clear that confidence is returning and buyers who were interested in moving home in 2009 but uncertain about last year’s market are now starting to materialise,” says Tim Wardley, Divisional Managing Director, Connells.
Seller confidence also took a step forward in the first quarter of the year with Connells recording a 25 per cent increase in instructions compared to Q1 2009. “Steadily increasing property prices have certainly had an impact on homeowners interest in moving,” Tim continues. “Since their lowest point in February 2009, we’ve seen house prices across the UK go up by almost 15 per cent which has given sellers the motivation to move home.”
Increased confidence is also translating into greater number of mortgage applications. Between January and March 2010, Connells recorded a six per cent increase in the volume of applications for mortgages and a 17 per cent increase in the value of those applications compared to the same period last year.
“There will inevitably be some uncertainly in the run up to an Election, but the great British love affair with home ownership is not easily shaken,” says Tim. “Our data shows that the desire to move or own a home for the first time has improved at the beginning of this year compared to 2009 and we are quietly confident that this upturn in activity will translate into further growth in the housing market this year.”
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Notes to editors
About the Connells Group:
Founded in 1936, the Connells Group, a subsidiary of the Skipton Building Society, comprises 470 estate agency branches and is the second largest wholly owned estate agency network in the UK. In addition to operating under the Connells brand, which comprises around 150 branches, the Group trades under other well-known local names including William H Brown, Sharman Quinney, Fox & Sons and Barnard Marcus.
As well as residential property sales the Group is involved in a comprehensive range of housing related activities including land and new homes, lettings, surveying, mortgages, conveyancing, relocations, asset management and auctions.
The Connells Group has been named Best Large Estate Agency at the Estate Agency of the Year awards for four of the past six years. For more information, please visit www.connells.co.uk