London Estate Agent Sees Property Market Signs of Recovery

A number of the larger high street banks and building societies have reduced their mortgage interest rates and are offering new discounted rates to home buyers. The move follows the small rise in interest rates in June and July,tracking the rising cost of the wholesale funding costs for banks ie. The actual cost of borrowing for banks.

Commentators believe the move supports the view that the city is not expecting the Bank of England Interest rate to increase until 2010. Of course,a large deposit is still required to take up these lower mortgage offers, and arrangement fees should be noted, but the fact that 90% mortgages are once again being offered could been seen as a real sign of recovery in the property market.

London Estate Agents, Paramount Properties saw the first sign of the turn in the property market as early April, and the summer has seen more and more first time and cash buyers coming to the market. "Buyers have realised that West Hampstead properties have probably bottomed out, with asking prices down about 15% since the July 2007 peak" said Paramount Property Residential Sales Director, Robert Lazarus. "Our secondary areas, such as Brondesbury, Cricklewood and Willesden have dropped by about 20%."

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