Print

A wink and a prayer

Catherine Deshayes

Sales at London-based Winkworth estate agents have plummeted by 50 per cent since 2007, but rentals are up by 30 per cent, it has been reported...

Managing Director of Winkworth Franchising Dominic Agace said buyers are choosing to rent as the economy unfolds and wait for prices to hit rock bottom before taking any action, according to the Daily Telegraph.

The company also claims that sales prices have reduced by 20 per cent and Mr Agace expects them to fall a further five to 10 per cent before they start to rise again, the paper reports.

Mr Agace told the news provider, "In my opinion, we have seen the bottom of the market in terms of volume."

"Next year, I don't foresee a sudden uplift in volume; however, reduced interest rates will start to peg the bottom of the market," he added.

Meanwhile, the National Association of Estate Agents claims that house prices fell from £118,334 to £114,288 between October and November of this year.

Source: Estate Agent Today