The Time to Sell is Now!

• UK Property Market is now back to 2007 Levels

After a tumultuous few years for UK property sales, what with the economic downturn and more recently the hype surrounding the general election, it really has turned a corner and is now in great condition. It is attracting both international and UK based buyers due to the low interest rates and the weak pound. This economic environment twinned with the comparative levels of confidence means more properties for sale are entering the market and therefore meaning it is the best time to sell.

In fact, Hamptons International have stated that from analysing their figures, that this going to be the optimum level for the market for quite a while for several reasons.

Firstly, there is a strong trend of more properties entering the market. In April 2010, this property company reported a 32 per cent increase in instructions in comparison to the previous year. This is all the more impressive if you consider the low levels of stock that the market has experienced recently. During the spring months, the level of demand also mirrored this increase, especially when it comes to the London property market. The number of buyers who have registered with Hamptons International is up 14 per cent in comparison to last year. Overall it means that Hamptons International now lists a similar level of stock to last year and that the degree of demand is now close to the top levels seen in 2006 and 2007.

This level of demand has meant a fifteen per cent increase in the number of sales for this property company. Perhaps more importantly these are being converted into exchanges which are also up but by 47 per cent year on year.

Pricing is of course an essential factor when examining the sales market. Over the past twelve months, pricing has stabilised and in many cases are back to the levels of 2007 when the market activity was at its highest. This stability is really underpinning the confidence in the market but it is now set to remain consistent for the rest of the year. This is due to the reduced inflationary pressure which is powered by the increase of stock. Therefore further price rises for the remainder of 2010 are considered unlikely.

In summary, it certainly feels like the best time to sell for prospective home owners. With the increase in both buyer demand and stock available twinned with the economic backdrop and stabilised pricing and interest rates; the market conditions are currently the best this year and remain likely to be the peak of 2010.