So as we approach the close of 2011 looking back how has this year really fared in the property market? The year begun cautious as had the year before, and certainly the sales market remained stable in the first quarter with little if any growth in the first few months. Then towards the end of May, early June we saw a sudden thrust of activity and prices push upwards and almost recovering the values we were achieving back in 2007. However this was short lived and by September we saw a very slight drop off of prices as the market remained buoyant but stabilised once again and that has been pretty much the story right through from then to date. Surprisingly most agents are still seeing a number of buyers through the door even during December despite all the doom and gloom of rife reports declaring a second recession on our doorsteps. Throughout the year we have continued to see most of the purchases being cash from our friends in Asia and little if any activity from owner occupiers and certainly the first time buyer market had been practically non-existent with most would be buyers continuing to rent and save for that ever increasing deposit that the lenders are adamant in their demands to secure a decent mortgage product. However it has been a fabulous year for Landlords as the natural see -saw of the market settled and the rental market hit frenzy levels mid-year with demand outstripping supply, which pushed rents through the roof. Landlords regained their control back of the rental market and this year have achieved some of the strongest rental yields ever. Not good for tenants though as their Landlords were demanding huge increases when their contracts came up for renewal, and moving was not the answer as the availability of new stock was both short and expensive so the majority bit the bullet and paid the increase. Overall I believe we have had a fairly good year given the state of the economic climate in general. Sellers have been able to move if that’s what they desired and buyers have still been able to buy as long as they have had a decent deposit. Landlords have obviously faired the best of course with low interest rates and premium rents it’s a win win situation across the board for them. Happy Christmas everyone!