Property purchases in the east ‘on the increase’

Posted 03/09/2009

The residential and commercial property sectors in the East of England have seen an upturn in recent months, according to an expert.

Estate agent Savills has stated that it has observed signs that both sectors are to see continued improvements in the rate of property sales and property purchases.

Mike Shaw, head of the firm in the region, told the Eastern Daily Press that residential demand in the east has been “astonishing”, while commercial property is increasingly offering a good value prospect to investors.

Agricultural property was also highlighted as a growth area, with prices moving back towards the heights they attained last year.

Mr Shaw said that as a result of these trends, the firm now held a “genuine feeling of optimism” over the prospects for the eastern property market.

This comes after the East of England Regional Assembly earlier this week launched a consultation on potential strategies for expanding the region’s housing stock in order to meet demand.