Property developers and mortgage lenders report 3% rise in prices for corporate part-exchanged and repossessed properties.
New figures from whitehotproperty.co.uk, the corporate property portal operated by UK property specialist movewithus, show that prices in the distressed property market are firming up – one of the first signs of a wider recovery in property prices.
Based on 2000 recent sales, property developers report that prices for part-exchanged properties have stabilised and mortgage lenders have seen sale prices increase from 91% to 94% of the marketed price since October.
movewithus is recommending that anyone looking to purchase this type of property moves quickly before they are snapped up by investors and speculators.
Robin King, movewithus founding director, said: “There are real signs that we have witnessed the bottom of the so-called distressed property market. Whilst there are still tens of thousands of repossessed properties coming through in 2009, the likelihood is that this number will fall quickly and the discount to market value will be much less due to the lower interest rates and lenders starting to offer more realistic mortgage products.”
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