Estate agents are positive about 2009

2009 is set to show signs of improvement in terms of the housing and rental markets, according to estate agents.

Following the harsh market conditions in 2008, which resulted in the closure of many estate agencies and the loss of numerous jobs, a cautious sigh of relief is being heard in estate agents’ offices across the country.

Some branches are seeing an upturn in revenue as a result of diversification tactics. Some are beginning to offer rental properties in response to the 30% increase in letting activity, recorded by letting agent chain Winkworths.

Other firms, such a Connells are coming up with other initiatives like its stock transfer scheme which involves selling homes on behalf of struggling agents and passing on a percentage of the commission.

In addition to the upturn in letting activity, the National Association of Estate agents (NAEA) claims the buyers are beginning to emerge again. First time buyers are realising that prices may have bottomed, while other buyers are waiting patiently for lenders to launch better mortgage deals, at which point a rush to buy is expected. Buyers with smaller deposits are a huge market, eager to buy, waiting for cheaper mortgages to be introduced again.