Thursday, 14 January 2010

Coast and Country Set the Scene for 2010

Pent up demand, fuelled by a financial turmoil in the banking sector and wider economy in the early part of 2009, lead to an increasing level of property sales throughout the autumn. As consumer confidence returned and homebuyers’ perception of their job security increased, demand for quality homes outstripped supply. This has lead to upward pressure on houses prices with some homes changing hands for as much as 10% more than they would have done 12 months previously.

Coast and Country were instructed on substantially more properties than most other agents offices, according to independent internet data. This has meant we can attract considerable numbers of quality buyers and has fuelled our ongoing run of successful sales. We believe that our register of highly desirable homes at realistic asking prices attract the best possible buyers, leading to quicker completions. This, in turn, attracts the vendors with the best properties to use our services, which are underpinned by the extent of our local advertising, Internet presence and national connections.

The partners at Coast and Country expect 2010 to be an interesting and exciting year for the property market, both locally and nationally. We believe that the pent-up demand will continue through the early part of the year. The increasing level of mortgage funding which is becoming available will buoy this up. Mortgage approvals rose in November to over 60,000, twice the number approved in November 2008. We expect this level to slowly increase as an effect of quantitative easing and as more lenders return to the market. We do not, however, expect levels to return to their peak for several years, as many sources of mortgage funding have dried up completely. Later in the year, with an election looming and with further potential tax increases on the cards we feel it is more difficult to be certain how the property market will perform.

Our advice is that now is a good time to make that move. We are certain that the market is currently strong. Buying or selling, there are deals to be done on advantageous terms. We are also offering their best ever marketing package, with four weeks of advertising in the Mid Devon Advertiser guaranteed, just for starters. Enhanced Internet listing. Free HIPS and attractive rates.

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