Business
Quarterly market review
Quarterly market review.
About this update from M Winkworth Plc
[{"type":"text","content":"\n RNS Number : 7580N M Winkworth Plc 17 June 2010 \n\n17 June 2010\n \nM Winkworth plc\n \nQuarterly market review\nM Winkworth plc (\"Winkworth\"), the leading franchisor of real estate agencies, today publishes its quarterly review analysing trends and the outlook for the UK residential property sales and lettings markets. The data for the report is gathered from a monthly survey of franchisees and should therefore be considered as indicative rather than factual. A full copy of the report can be found on the company's website at www.winkworthplc.com\nSummary\n\n· Housing market rebounds - Winkworth's transactions for the first five months of 2010 are 91% higher than the comparable period last year\n· Supply remains tight, but is improving. New instructions doubled year-on-year in February and March - though the growth in sales agreed meant that overall stock levels were only 3.5% higher in May (1% in London)\n· Buyer numbers are up between 10% and 40% on last year, reflecting renewed confidence in bricks and mortar\n· In rentals, supply has dwindled, with available stocks down over 40% in April and May year-on-year. Many accidental landlords have disposed of properties as the sales market improved. With tenant demand strong and available properties letting quickly, new supply is desperately needed to avoid shortages during the peak summer season\n· In Prime Central London, the market is positive, with transactions up between 10% and 20%, and properties selling in around seven weeks. Purchasers regard prime real estate as an attractive and safe long-term investment compared with other asset classes, despite some worries over capital gains tax changes \n· British buyers have taken the election and change of government in their stride, and with high levels of cash are well placed to buy. Prime Central London remains perennially popular with Italian and French buyers who represent 43% of foreign buyers, and a favoured location for purchasers from the Middle East, China and India, both as a secondary residence and for investment\n\n \nDominic Agace, CEO of M Winkworth Plc, comments \"Fo...