20 May

Expert reveals property market influences

Expert reveals property market influences

The strength of the property market is influenced by three main factors, according to one industry expert.

Simon Preston, chairman of online change of address service iammoving.com, said the various public relations material distributed by housing sector firms does not necessarily have an effect on transactions.

"It is influenced by whether people need to move or want to move, the choice of properties on the market and their ability to finance them," he explained. "At the moment their ability to finance them is still pretty challenging."

However, with a number of surveys indicating that property price drops are levelling off, Mr Preston said he would not be surprised if vendors' confidence is on the rise.

They may be holding prices or "nudging them up", he stated, before adding that the proof will be seen in the level of transactions that take place.

Mr Preston's comments come after Rightmove reported at the weekend that new property sellers in May have raised average asking prices by £5,364 on last month.

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