UK Budget 2010

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Stokes Drive, Sleaford, Lincolnshire

£179,950

Property of the week

Market Reviews

25th Mar 2010

Market Reviews

Pygott & Crone attended MIPIM, the International Property Event in Cannes this month for the 9th year running, the event has proven hugely successful for Pygott & Crone and this year was no exception.

Our team of Tim Downing, Kevin Scrupps, Paul Wood and William Downing were in attendance with over 17,000 other people from 81 different countries. Exhibiting companies reached a total of 1,720, these figures show the event remains very popular with the property industry.

Tim Downing of Pygott & Crone commented "Over the 9 years we have been attending this event we have built up a fantastic client base. Our main roles are to promote Pygott & Crone and our clients, products/developments and to support investment into Lincolnshire and the East Midlands. This event certainly enables us to promote our company to a wider market which has resulted in some fantastic transactions having been completed over the years".

The key trends and conclusions from the event were that whilst nobody is in any doubt that the recession is still with us, it was clear from informal discussions and MIPIM presentations that there are sights of optimism and activity in the market, one of the early conferences stated that there were signs of upward trends in many European Markets.

It was predicted that European Transaction volume will increase by as much as 30% in 2010 to around 90million Euros. Research across 56 countries also predicted investment will hit 362million Euros, also up by 30% on 2009 with China heading the list of destinations world wide.

With regards to Europe, focus is expected to be on the mature markets and the UK, France and Germany in that order, apparently it seems the UK will lead Europe out of the recession.

In addition to MIPIM, Kevin Scrupps and Paul Wood recently attended a meeting in London organised by 'First Title' with Michael Portillo, political commentator and former cabinet minister and Michael Coogan, Director, General at the council of Mortgage Lenders, to discuss opinions on the fourth coming election and the mortgage market for 2010.

Kevin Scrupps commented "The day was very informative and helpful, Mr Portillo gave an interesting insight into the pending election and Mr Coogan reviewed and forecast the mortgage market both of which help Pygott & Crone plan business strategy for 2010/11."

It is clear that mortgage completions will remain similar to 2009, whilst there may be new products/lenders in the market place, general opinion is that cautious attitudes will remain, first time buyers are still going to need a minimum of 10% deposit to secure lending with most societies.

Whilst the market remains difficult, general opinion for the East Midlands is that it is a good time to enter the property markets, both commercial and residential and that transactions will improve this year from those of 2009.

Pygott & Crone have had an excellent first quarter with good activity across all aspects of their business, their key to success is good local knowledge and accurate professional advice to clients.