Market Conditions in 2011

At the moment, most days I am asked for my forecast of the property market for next year. It takes a brave man to stick his neck out and give that opinion, because more often than not, supposed expert analysis has a habit of coming back and haunting its author.

However, on the basis that I have been around the residential market place in Staffordshire for over twenty years and even though some would therefore say that I should know better, I am going to take the brave pill and make the plunge.

The market will be reasonably steady in the first half of the year before showing an improvement in quarter three and then maintaining that momentum in 2012.

I anticipate that this recovery will take place quicker at the higher end of the market than the lower end, however with better mortgage deals coming onto the market and more lenders starting to offer 95% deals again, this will help to start to move the market.

When hearing or reading media reports on the housing market you should remember that there are hot spots and cold spots around the country. For example in 2010 prices in Merthr Tydfil went up by 11.3%, where as prices went down by 6.9% in Cleveland. All very different to an increase of 1.9% in Staffordshire.

Myles T Tydeman MNAEA

Managing Director