Last checked at 23 Mar 2010 07:00
23 March 2010
M Winkworth plc
Quarterly market review
M Winkworth plc ("Winkworth"), the leading franchisor of real estate agencies, today publishes the first of a series of quarterly reviews analysing trends and the outlook for the UK residential property sales and lettings markets. The data for the report is gathered from a monthly survey of franchisees and should therefore be considered as indicative rather than factual. A full copy of the report can be found on the company's website at www.winkworthplc.com
Summary
·; The sales market has started in significantly better shape in 2010 than 2009, with most offices announcing good interest from buyers, higher levels of transactions and some growth in stock levels, although a lack of property on the market remains a problem
·; 2010 has heralded a pick-up in the number of UK sales appraisals conducted by Winkworth offices. On an annual basis appraisals were up sharply compared to the depressed levels of the previous year, up 42% in January and 74% in February
·; On the same basis, new instructions were up 77% in January and 102% in February
·; Registered buyers are tracking around 40% higher than a year ago, with a gradual improvement in buyer confidence, improved availability of mortgage finance, and a resurgence in the number of cash buyers
·; In terms of the number of indicated transactions, there was growth between December and January (+27%), and December and February (+70%). This probably represents the most buoyant period we have seen for a couple of years
·; While tenant demand for lettings is on the up, with a lower level of properties available the overall number of lettings is lower year-on-year, with indications for January down 14% and February 27%
Dominic Agace, CEO of M Winkworth Plc, comments "After a period of uncertainty at the turn of the year and poor weather conditions, sentiment in the property market is improving as mortgage finance, while still restricted, continues to cheapen. The prime property market remains extremely buoyant with currency weakness attracting a steady stream of overseas buyers. The increasing shortage in rental stock reflects a return to historic levels without significant upwards price pressure."
For further information please contact:
M Winkworth Plc Tel: 020 8576 5599
Dominic Agace (Chief Executive Officer)
Chris Neoh (Chief Financial Officer)
Milbourne (Public Relations) Tel: 020 7920 2367
Tim Draper
FinnCap Tel: 020 7600 1658
Matthew Robinson/Rose Herbert (Corporate Finance)
Tom Jenkins (Corporate Broking)
About Winkworth
Winkworth is a leading franchisor of residential real estate agencies and is listed on the London Stock Exchange.
Established in Mayfair in 1835, Winkworth has a pre-eminent position in the mid to upper segments of the central London residential sales and lettings markets. In total, the company operates from over 80 offices in the UK, France and Portugal, having doubled in size in recent years.
The franchise model allows entrepreneurial real estate professionals to provide the highest standards of service under the banner of a well-respected brand name and to benefit from the support and promotion that Winkworth offers. Franchisees deliver in-depth local knowledge and a highly personalised service to their clients.
For further information please visit: www.winkworthplc.com