Hamptons view a swing by Christmas

There may be a swing in the sales and letting property markets in the UK, between now and Christmas, according to Hamptons International's latest monthly assessment.
The company says it is seeing the combined impact of lower instructions (-12%) and a pick up in the number of new applicants (11%), compared with last year.

"The most striking aspect of this month's Hamptons property data is the contrast between a weaker national picture and a stronger Southern England picture, with a particularly robust London," said Mark Anderson, CEO Hamptons International Residential Agency.

"Our experience is that where London leads, the country follows and if this cycle continues, those country areas not yet experiencing this swing will do so by Christmas."

Rates kept on hold

The Bank of England's MPC this week voted to keep interest rates on hold at 4.5%, following an announcement from the National Association of estate Agents (NAEA) that confidence within the housing market is improving.

Peter Bolton King, Chief Exec of the NAEA, commented: "It is still early days but a number of our agents have reported a rise in confidence following the August interest rate drop. With the rate cut occurring over the summer holiday period it will be difficult to accurately assess its affects until at least the end of this month. However, the initial findings look positive.

"We hope that the Bank of England's decision to leave rates unchanged in September will help boost confidence further. Homeowners can be encouraged by this positive step towards stabilising the market. First time buyers, however, are still likely to struggle. We would welcome a further rate cut in the near future to help ease their situation."