The South Manchester market has continued to prove resilient in the current economic conditions during the second quarter of 2008. Despite continual negative national media coverage, local areas such as Wilmslow continue to see people buying and selling property freely.
Despite faring better than most, South Manchester is experiencing a slower market in comparison to recent years. Jackson Barrett & Gass have reported an average 9.2% fewer Conveyancing files opened when compared with the combined 2006 and 2007 second quarters.
Yet despite this, the second quarter is actually a direct comparison with 2005 for files opened for the first half of the year.
Sean Barrow, a local solicitor with 30 years experience of the property market says “The figures can be manipulated to see whatever you want to see. The fact is that the market is slower, but the previous 2 years have been exceptionally busy periods. Our figures continue to reflect 2005 market conditions.
People are beginning to realise that the last 2 years were the very peak of the housing market. The market is still in a good condition.”
Despite this apparent slowdown, Jackson Barrett & Gass have opened 2% more files in the 2008 second quarter, when compared to the first quarter, and 2.2% more when comparing first halves in 2005 & 2008.
Sean comments “Again these figure may not look significant, but in the context created by the national media, these are extremely positive.
Jackson Barrett & Gass have also seen a significant increase in their Home Information Pack service, which points to continued movement in the local housing market.
So what now for the local property market?
“We have still yet to see decisive action made by the Government. Hopefully we will see some money put into the system, or more pressure put on the lenders to either lend more, or pass on the benefits of interest increases. ”