'Appetite' for property for those with funds

21/04/2010

THE sale of a significant city centre freehold property suggests there is an appetite in the market for those who can secure the funds, according to an expert.

The property, which is located between Scale Lane and Liberty Lane, entered the market with an asking price of £750,000.

Dave Garness of Garness Jones oversaw the deal and said it marked a positive sign that there was a demand for such sites.

He said: "The pertinent thing is that in the current market, and along with the perceived difficulties in the market, it is really difficult to sell a property of this size, not just in the city centre but generally.

"But for those who have got funding or cash reserves there are attractive opportunities available.

"With this particular property there were two interested parties competing and I think that is another positive sign that there is an appetite out there."

Mr. Garness said securing funds had been an issue facing buyers for some time, however he said there were indications that some bank managers were becoming more proactive in helping people secure the necessary cash.

He said: "We are starting to see isolated examples of funding being forthcoming from banks and I think that is down to proactive managers.

"It does still remain challenging – securing funding remains a challenge for business managers as much as anyone else.

"I think everyone is quick to blame the banks and while I cannot comment on the banks as a whole we are starting to see some local and regional managers who are working very hard, using their skills and being proactive.

"This is starting to provide some opportunities and though it is still relatively tough let's hope this is a sign it is beginning to improve."

Links

Garness Jones

www.garnessjones.co.uk