Property price resurgence is a mystery' according to Essex estate agent
PUBLISHED: 18:21 07 October 2009 | UPDATED: 07:23 30 May 2010
PROPERTY prices have started to climb again in recent months and in some cases are making up as much as half of their losses sustained over the past year. That is the view of Great Dunmow-based estate agents Mullucks Wells, who have acknowledging a more o
PROPERTY prices have started to climb again in recent months and in some cases are making up as much as half of their losses sustained over the past year.
That is the view of Great Dunmow-based estate agents Mullucks Wells, who have acknowledging a more optimistic outlook for the housing market in the region.
Company director, William Wells, said: "Precisely why this has happened is something of a mystery. At this time last year we were at the height of a financial crisis. Banks were being bailed out left, right, and centre and the whole financial system was close to collapse.
"As a result, prices in this area plunged by 20-25 per cent over about 12 months - the steepest fall in living memory.
"But one year on, in some instances there is evidence that around 10 per cent of those losses have been recovered. Admittedly, this region has always had the benefit of its close proximity to London, excellent transport links, and access to some of the most beautiful countryside in the UK.
"The lack of available properties on the market is also helping to sustain prices. But even that doesn't explain why they should have risen so dramatically."
However, according to Mr Wells, there is no guarantee that the upward trend will continue in the New Year or even in the few months before Christmas.
"Any signs of recovery have been so fragile, it would be dangerous to suggest that this is the way it's going to stay," adds Mr Wells. "All we can do is guarantee that our sellers get the best possible advice, support and assistance with marketing their homes on a day to day basis.
"But if nothing else, recent events have proved that a year is a long time in the property market.