"No doubt" housing sector has improved - buy to let mortgages

24 April 2009

There is "no doubt" that activity in the property market has improved since the start of the year, one industry spokesperson has claimed.

Liam Bailey, head of residential research at Knight Frank, said that falling prices have had an effect on the market, something that may be welcomed by holders of buy to let mortgages.

It comes following figures from HM Revenue & Customs, showing that the level of homes selling for over £40,000 rose 39.5 per cent during March.

Mr Bailey said that this trend has been "supported significantly by low interest rates and also government support of the new-build purchase market".

And the fact that vendors have dropped their prices has also affected activity, contributing to the climb in sales figures, he said.

However, he warned that there is a "danger" sellers will put their prices up again, halting the boost in activity.

Vendors should not become too "ambitious" with their pricing strategies, Mr Bailey advised.

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