The HotProperty Agent Confidence Index (ACI) monitors agents’ confidence in the market on a monthly basis, in relation to the month before. Agents can submit their opinion online or email pr@hotproperty.co.uk to sign up to receive email alerts.
This Month
Results for April 2008 show that confidence is continuing to fall, with just 43 percent of agents feeling more confident about the market. This is down from 51% in March.
What Agents Are Saying
'Hopefully, the early Easter holidays will kick start the spring market but there is still as lot of unravelling of the sub-prime market to be done before buyers are confident that the crisis has been contained and managed.'
- John D Wood, London, Middlesex SW6
'We feel that spring time always brings a higher interest in the market, we belive that things are bleeker than normal but also belive that the common interest at this tme of year will be maintained.'
- Calderdale Estate Agents, Brighouse
'Much improved sales in March after very difficult Jan and Feb, sellers have now adjusted and more prepared to negotiate'
- Eden Harper, London SW11
Over the next 3 financial quarters expect further decline despite recent efforts to address stability. The reality is most of the information spread through the media is based on out of date data and the expectation is that a recovery is likely in the next 18 months (some say 2 years). Between now and September expect further misery and sensational reports of price crashes, however I predict savvy investors (who at this minute are planning ways of raising capital to buy property) will come into the market for an Autumn spending spree.
The first 3-4 months in 2009 will feel like quite a hangover and between now and then many agents will look for greener pastures and indeed branch closures are already happening. With agents' chins on their desks and hands firmly planted under bums, you will see the fully informed property professionals emerge with the larger portions of their local market share as owners demand 'business partners' not retail oriented service-type-sales-assitants to guide them through their transaction stratedy.
News of capital surges back into the US markets and Government schemes (if any) will begin to fuel confidence by then and those that choose to cash in now (too late to cry about not having sold at the peak!) and sell their porperty stock will be wise to watch the market around Autumn/Winter 08 into early Spring 09 and attack when the prime (heavily discounted) sites becomes available - they'll be laughing in the City bars satisfied they bought when everyone else bottled it - or indeed were restricted from entering the market at all.
- Lawson Rutter, London, Middlesex SW6
'Imagine that we had no tv or newspaper, where the market might be then!'
- Simon Bance & Company, Surrey
'Tough, but right pricing will see sales. good opportunity to revise prices on old stock, and people will always need to move, media hype proberbly making most of the problem, FTB's will now need to consider low end areas rather than the average areas.'
- Gascoignes, Nottingham
'Price are stabilising. intereste are dow. If the "Doom mongers" who are regulalry wheeled out by the media were challanged on their credibility and wher they get their figures maybe people wuold have more confidence. When there is pressure to build on green belt because we don't have enough houses it is hard to see why prices will crash.'
- Ryan Estate Agents, Rugby, Warwickshire