By Nick Taylor, of Hadley Taylor in Norwich
As we enter the quiet end of an eventful year it is time to reflect on the last 11 months and despite many agents describing market conditions as very difficult, with two firms closing their doors for good last week, I am delighted to report that we have seen a 35% increase in transactions on 2009. In fact we end the year with more buyers than sellers. This year has also been our best year ever selling properties around the half million pound mark. The New Year will bring a welcome batch of new instructions and I believe more activity in the market. Buyer confidence will improve as the economy continues to grow and as many in the public sector realise that a spending review doesn’t necessarily mean redundancy.
Investment buyers will continue to see property as a much better revenue stream than savings accounts which will produce disappointing returns for some time to come. First time buyers with good deposits and proof of earnings will find borrowing easier as the year unfolds and we will continue to see a steady stream of professionals moving to the area to work at the Norfolk and Norwich University Hospital, the University of East Anglia and Aviva.
Nick Taylor is on 01603 250248.