Property Market Close to Recovery According to Leading Property Figure

Coventry, United Kingdom, May 20, 2009 --( One of the leading property figures in Coventry believes the light is at the end of tunnel for the housing market.

Clive Benfield, the chairman of the KB Benfield Group – which includes a homebuilding arm, believes there is strong evidence to suggest that the recovery is close.

But Benfield, whose company has new developments in Rugby and Leicestershire, believes the only thing holding back an upturn is purchasers’ inability to buy without a large deposit.

“Interest in our sites is rising all the time,” he said. “And we have seen figures from the RICS and Government statistics to show that the fall in prices is slowing and that interest is growing.

“Enquiries are up and if demand was anything to go by we would have sold both our current schemes out by now.

“But purchasers – particularly first time buyers – are finding that while banks are lending a bit more than they were six months ago, interest rates are not competitive unless you have a 30 or 40 per cent deposit.

“Once that comes down to nearer five or ten per cent, it will be the final piece of the jigsaw and the market will recover in earnest.

“My advice to buyers right now would be not to be put off by the interest rates and come and talk to homebuilders like Benfield Homes.

“While we can do nothing about the banks, we can work with potential buyers and hopefully find a way round the problem and get them into their new home as soon as possible.

“The reason I say that is house prices will begin to move upwards later this year and the time to get a bargain really is running out.

“I have said many times before that there is a shortfall in new homes and because of this limited stock, it will put inflationary pressures on new properties.”

There are just four three-bedroom townhouses remaining for sale at Benfield Homes’ Satchels Court development in Rugby.

The development is situated on the Dunchurch Road in a conservation area, opposite Rugby School. It has proved extremely popular with downsizers as Benfield Homes assist in the sale of the purchaser’s previous home.

Benfield added: “As a homebuilder, we have to be ready to do everything we can to help buyers in the present market.”

Media enquiries:
Lee Corden
Advent Communications
2 Edison Building
Electric Wharf
Sandy Lane
Coventry CV1 4JA
Tel: 024 7663 3636

KB Benfield Group
Lee Corden
024 7663 3636