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Kent's buyers rush to view homes

Kent's property buyers are rushing to view homes - as the county bucks the national house-buying trend.

Estate agents are reporting a doubling in the number of applicants, as interest grows amid falling prices.

Several estate agents have recorded a positive start to the year and, although prices haven't yet followed, agents say the levels of viewings converting to offers has increased.

A range of factors has contributed to the surge in traffic, including lower interest rates, cheaper houses and insecurity about the reliability of banks.

Steve Payne, group partner at Ward and Partners, which has nearly 50 branches across Kent and Sussex, says the company's viewings have increased by 46 per cent in January compared to the previous quarter, with applicant levels doubling.

According to Mr Payne, there are now different types of clients coming into the market.

He said: "We're now seeing clients that have bided their time and have deposits to put down, because in certain cases parents are now providing money for their children.

"Previous investors are also coming back as they see their money as being more secure in property than in banks, and the return now for the prices they are paying is very good."

A further cut in interest rates last week is also expected to attract interest in the market.

Nigel Maclean, a partner at Calcutt Maclean Wood, based in Wye, thinks many people who need to move but held back over recent months are also coming forward.

He said: "At the end of the day, people do still want to move. There are still reasons for moving and perhaps people are getting a little attuned to the current climate. It's certainly a buyers' market and some of the offers we are getting are quite conservative but they are offers nonetheless."

It is a buyers' market in more ways than one according to Andrew Benn, managing director of Mann Countrywide in Kent.

He said: "Buyers are looking at more properties because they can afford to wait and there is plenty of availability. It also a great time to buy financially in other ways, by paying less on a house you pay less stamp duty and the low interest rates mean that those able to get mortgages can get fantastic deals."

The news isn't just good for people looking to sell their houses either; Mr Payne believes that where the housing market goes, other sectors follow.

He said: "I think the housing market is the main litmus test for the whole financial market: if estate agents are doing well then the general public are doing well because most of their prosperity comes from their properties and the mortgage market. I really feel that that is what will kickstart the economy again - the confidence in the property market means the new builders start building again and then there will be a general feelgood factor about the way forward."

Despite getting more viewings, the agents aren't expecting a sudden increase in house prices.

George Berry, a negotiator at Knight Frank in Sevenoaks said: "The biggest problem is it's very difficult to predict where the bottom will be. I think that there may well be across the board a bit further to go, but I think that widescale predictions are that it will be some point this year. Then it will plateau, and the subsequent rises will be very small."

All four agents believe increased lending is crucial for a full recovery though.

Mr Payne said: "We have a real demand out there for property at the moment, the reason that demand is not being satisfied is because of the lack of mortgage funds available in the market place. I think if the lenders start lending a bit more it will pick up naturally in its own way, and I can see that happening in the second half of this year. I think this first half of the year is all about consolidation and I think the second half will be about rebuilding the marketplace again."

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