Acton, London -- (SBWIRE) -- 12/15/2010 -- Davis and Gibbs http://www.davisandgibbs.com are pleased to announce that the lettings market is still going strong with demand outweighing supply. A distinct lack of property on the market at the moment is resulting in potential tenants competing for the limited stock. This healthy competition is driving the prices up, from an agent’s perspective the best way to resolve this situation is by a sealed bids process ‘’best and final offers’’ thus tenants and Landlord can move forward without any risk of gazumping even though one party will miss out! The main reason why there is still such growing demand is due to the lack of mortgage products with first time buyers being priced out of the sales market. Recent report form the evening standard show that most landlords are experiencing occupancy levels of 98% with figures in the past being 60%.

In regards to sales Property values recovered from a massive 3,7% in September to record the biggest jump for 18 months in October, according to recent figures The Halifax said the average cost of a home rose by 1.8% last month - to recover half of September's drastic fall - but warned that the underlying trend for house prices was still downwards. The figures further muddy an already blurred picture of the state of the UK housing market. Nationwide last week reported its house price index fell by 0.7% in October, due to a lack of buyers, knocking £2,400 off the average price of a home. Also today, property website zoopla.co.uk reported that families struggling to sell their homes have slashed a massive £500m off asking prices since the beginning of August.

For further information contact:-

Brian Gibbs - Managing Director,
Davis and Gibbs,
94 High Street,
Acton, London,
W3 6QX

Tel: 0208 752 3040

Mail: briang@davisandgibbs.com
Website: http://www.davisandgibbs.com

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