Frustrated buyers now viewing homes, property firm reports

Posted: 12 Feb 2009 09:47:56 GMT

The UK property market could be about to recover as "pent up" demand starts to develop among prospective buyers, the country's largest residential homeowner has suggested.

According to Grainger, viewings of its properties were up in January as Britons look to take advantage of what they see as bargain prices in some areas of the property market, including new-builds.

However, despite this upturn in interest, the Newcastle firm has dismissed speculation that the market could be starting to recover, noting that many would-be buyers are still being hampered by a lack of affordable mortgage products.

Furthermore, the company stated that prices for its properties are also coming under pressure from cash-rich buyers tabling offers far below asking prices, with this pattern being seen all across the UK property market.

This relatively positive news comes in the same week as the Royal Institution of Chartered Surveyors revealed that interest in the property market continues to pick up, with 16 per cent more of its members reporting a rise in enquiries.

© Houseladder Ltd