I have met with three separate resi agents today, and they have all said that the bottom of the market has been reached - and the consensus seems to be February.
Christmas and the period before it was absolutely dire, and they all look traumatised talking about it. But, since then the London market has been picking up, deals are going through, and both the bulk residential investment and the estate agency side is seeing a substantial increase in not just interest but concrete deals.
So much so, that I understand some estate agents are even starting to recruit more staff. Most agencies were cut back to the lowest possible capacity through the culls of last year, and now that buyers are back in the market, they need more staff to deal with it.
All three agents were optimistic about the year ahead, but with a disclaimer - reaching the bottom does not mean that the market has recovered, and it seems likely that the rest of the year will be quite flat. But, having survived an truely awful few months at the end of last year, it was good to feel a hint of optimism in the air.
Just recieved an email link to your blog from a client in Ireland. Wondered if Hurford Salvi Carr had been holding secret briefings with the EG.
I suggested that he read our Half Year report next week to find out.