Second Report Says UK Property Recovery is Nearing

Prime purchase property acquisitions has announced in a press release that they believe the London property market has bottomed out and is primed for recovery saying that "prices have certainly tumbled" and that equity rich European and UK buyers are "already making a difference".

Becoming the second research group to hint at the UK's bottoming out (Lombard Street Research reported that the Uk's recovery could begin in the next 12 months: director of London acquisitions at Prime Purchase Nathalie Hirst said Prime Purchase is cautiously optimistic that with a 50% reduction in Prime Central London property transactions, that the bottom may have been reached. Adding:

"A good indicator of this is in the increase in rental activity, with purchasers watching the economy carefully and preferring to rent while the market bottoms out.

Sale prices have certainly tumbled and, unsurprisingly, the media reporting on this has created buyer interest especially from those who are euro-rich but wanting a safe medium to long-term investment. Both euro-buyers and UK investors, with significant levels of equity, as well as London property owners looking to move up the property ladder, are already making a difference."

According to the same report equity rich buyers are coming back into the London market, discussing acquisitions with Prime Purchase taking a 4-5 year view on the market.

"It is those cash rich individuals who are planting the green shoots [of recovery] that Baroness Vadera referred to," says Nathalie Hirst.