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Property buyers think ‘outside the box’

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Property registrations with online estate agent NetMovers have shot up a staggering 40 per cent in the last month.

New findings revealed that 80 per cent of people now use the internet to buy and sell property. The internet has become buyer’s first point of call.

The company says house prices have risen to levels not seen for 18 months. It added that while six to nine months ago properties were not selling, they are now being bought for the full asking price.

The latest Royal Institution of Chartered Surveyors survey of estate agents suggests, however, that some of the recent buoyancy has been caused by a shortage of properties.

Gordon McCallum, NetMovers chief executive said: “When the market crashed last year, investors sat on the fence and waited for it to hit rock bottom, what we are now seeing is the return of investors.

“People are now in a position to buy are taking advantage of the market.”

NetMovers predict that the current surge in investment could drive the market upwards. The reduction in rates for home loans is also helping to move the market. HSBC last week launched a new discount deal at 1.99 per cent home and in response the company was inundated with applications – other banks are expected to bring out similar products in the coming months.

Rick Jones, operation and development executive said: “NetMovers is experiencing a significant increase in vendors joining the site, whilst we understand this may not be representative of the market as a whole.

“It definitely shows an increase in confidence and a willingness for vendors to think ’outside the box’ and for those looking for alternatives such as NetMovers to sell their properties.”

Published at the Financial Times

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Written by Magda M Ali

October 16, 2009 at 11:10 pm

Posted in Published pieces

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