25 Sep

"Encouraging signs" in the property market

"Encouraging signs" in the property market

Independent estate agents may be pleased to read that the last eight months have seen increasingly encouraging signs returning to the residential property market, according to one housing expert.

Nick Whitten, business editor at national news provider Construction News, said that confidence is increasing among those who work in the property industry, such as housebuilders.

"I would think many investors in the City will be looking closely at these firms whose shares took a battering but could be set for better times ahead," stated Mr Whitten.

His comments follow the release of Barratt Developments and Redrow's] plans to raise millions of pounds of funding via investment.

The Board of Redrow announced proposals for a 13 for 14 Rights Issue to raise net proceeds through the issue of 148,584,705 new shares.

Meanwhile, Barratt confirmed that its forward sales in late June were £464.3 million, representing 3,328 plots, while by mid-September such sales had increased to £733.4 million.
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