November 2008

Why more people are now looking to buy...

Agency’s research highlights reasons for greater activity

THE current state of the economy has the potential to be good news for estate agents, according to a new survey.

Badger Holdings, who have more than 40 offices in the South of England, most of them trading under the Townends and Regents banners, undertook market research on buyers’ sentiment — and found rich promise across the board.

The research was taken from a selection of buyers within three different categories, who are currently looking to make a purchase. They were asked their reasons for wanting to make a move.

As far as potential investors were concerned, 80 per cent see a better rental return with house prices lower and rental income up, while

10 per cent want to get their money out of banks and the other 10 per cent want to buy a property for their children to live in while at university.

Of the first-time buyers surveyed, 70 per cent believe that now is the right time to get onto the property ladder with house prices lower, 20 per cent want to be closer to work and 10 per cent want to start a family.

The third category was homeowners trading upmarket and of those, 65 per cent said they were moving to take advantage of the current market with house prices lower, while 25 per cent need to move due to marriage or a growing family and 10 per cent need to relocate for work reasons.

Badger Holdings managing director Séamus Kavanagh said: “The crisis talk on the state of the economy has been us and, with the housing industry receiving its fair share of bad news, it has undoubtedly caused buyers ’confidence to fall dramatically.

“Good news, however, has been starting to emerge after recent announcements, including interest rate cuts, which will hopefully ensure that the worst is behind us.”