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Primary Research Interview

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Introduction

Primary Research - Interview I visited my local 'Lanes Property Agents' branch and I spoke to a gentleman named Lee Saunders who is a sales negotiator. I asked him a few questions and he answered them willingly; these questions included: 1. What would you say was the recent problem in regard to the housing market? Lee explained that in the housing market there is a cycle of buyers and sellers that each rely on each other in order for the next stage to be successful. He emphasised the importance of the first time buyer in the cycle, as without them; subsequent buying and selling will reduce - and at an extreme cease to exist. ...read more.

Middle

He said that the UK learned from the mistake in the US and thus tightened lending criteria; and reduced the number of mortgages that they gave out to people who weren't able to keep up with the minimum threshold of repayment. He used Northern Rock as an example: He stated 'Northern Rock was the best mortgage lender in the country for 100% mortgages; but they lent so much out [to people who just couldn't repay] they couldn't get the money back - and now look at them'. I then went on to ask him about his views on Enfield in particular and whether the housing problem had affected the Enfield branch of 'Lanes Property Agents'. ...read more.

Conclusion

After this period of high house prices, the market has settled once again and interest rates have fallen which has allowed consumers to borrow more money which translates to more buyers. '6 or 7 months ago, we [Lanes Property Agents] had so many customers, we could pick and choose who to represent - it is now a buyers market'. 4. What do you think will next happen in regard to property sales - in particular with regard to Lanes Property Agents? Lending criteria had slowed down sales but now they have started to increase once again. Lee is hopeful that interest rates may go down next month, which will encourage more buyers to the market. Lee concludes by adding that they are going strong - [They are selling] 'well in excess of 25 properties a month but not as much as before'. ...read more.

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