House sale rises in south-west London 'highest in country' (From Your Local Guardian)

House sale rises in south-west London 'highest in country'

12:30pm Wednesday 1st April 2009 in Richmond

The green shoots of economic recovery could be sprouting in south-west London as the number of house sales rises faster than in any other part of the country.

According to the UK's largest estate agents – Haart - sales were up by 87 per cent in Feburary, relative to data collected five months ago.

And although prices continue to fall, Haart's managing director, Russel Jervis, said the positive trend indicates the market will stabilise in southwest London first.

He added: “These are all incredibly encouraging signs and while it's still too early to predict the market is turning a corner, we may be witnessing the beginnings of a gradual renewal of consumer confidence.

“This will eventually result in more sales being agreed closer to the asking price as competition begins to pick up.

“Although the bottom of the London market has not yet been reached as house prices in many areas are still following a downward trend, Haart's real time data is currently presenting a relatively buoyant pictures in terms of market activity and offers received.”

Richard Thompson, director of Thomson Vales estate agents in Streatham Hill and Streatham Common, said the market had recovered notably from last year, when Streatham was hit very badly.

He said: “It suggests that the market has turned and improved in the area. We are seeing some green shoots of recovery.”

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