I am delighted to report that the Blackadders Property Team had a record sales month in February being more than 30% up on February last year. This is a very positive sign and hopefully points to the start of a sustained recovery in the housing market. One interesting trend however is that listings i.e. properties coming onto the market are not increasing to the same extent, my indicators point to the total for January and February being round about the same as last year. Hopefully the increase in sales will start giving people the confidence to put their own properties on the market.
I do think more could be done. More substantial help is required for first time buyers as this will increase the free-flowing nature of the property market. I think that 2013 will be a transitional and improving year however my only notes of caution are in relation to the recent Italian general election which proved inconclusive and could lead to market uncertainty and could have an impact on lending. I am also watching with interest the debates in the United States in relation to their budget. At the time of writing this blog the USA has still not agreed the budget deal and look to be heading towards the fiscal cliff which could have huge negative impact on the global economy.
2013 will be a very interesting year!
Lindsay Darroch Partner – Head of Property
P.S. I am also pleased to report that over the last couple of months I have been involved in discussions with a number of banks in relation to businesses looking to buy their current premises or in fact move to new premises and the discussions with the banks in questions have been a lot more positive with the banks taking a more sensible and pragmatic view in relation to risk and also deposit requirements. I think this is another very positive sign.