Property market 'continues to be slow'
News Category: Industry News
Published: 06-Mar-2009
This article was brought to you by Rentman the premium property management system.
The UK property market has not started to recover despite data showing that sales increased significantly last month, an expert has suggested.
Russell Taylor, director of global real estate adviser DTZ Residential, said there is increasing activity from overseas buyers and cash-rich UK investors, but overall "the market continues to be slow with limited sales volume".
His comments come after Hometrack reported sales were up by 35.9 per cent in February, while house prices fell by 0.8 per cent.
Increased property transactions could boost mortgage activity, which might thereby improve the number of buy-to-let deals available for landlords.
Even so, many professional landlords and letting agents could be thriving in the current property slump, as rental demand has spiked while sales have dropped.
Your Move research revealed that rental demand was up 56.4 per cent year-on year in February. Its managing director David Newnes described the residential lettings sector as a "diamond in the rough" for the UK property market in 2008.
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