Estate agents: 'City bonuses to go into property'
Mortgage Brokers - 20/12/2006 17:10:21
Estate agents and mortgage brokers have claimed that a significant amount of the City bonuses paid out in 2006 will be invested in the property market.
A survey carried out by the Homebuyer Show has revealed that estate agents, mortgage brokers and other property sellers set to exhibit at next March's show believe that £4 billion of the £8.8 billion dolled out in bonuses will be used to invest in homes.
This includes property overseas but according to those firms polled, it is areas around London that are set to see interest from homebuyers.
Chelsea, Knightsbridge, Docklands and other areas close to City are expected to be focal points for those financial workers looking to buy a new home.
Nick Clark, managing director of the Homebuyer Show, said: "The poll of estate agents, mortgage brokers and property investment professionals reveals a significant predicted uplift in market activity from City workers as they look to invest their extra cash in bricks and mortar."
One estate agent has claimed that in the months preceding the massive Christmas bonuses, there was a 20 per cent increase in the amount of interest in property from City workers.
As well as buying homes for their own families, estate agents and mortgages brokers polled in the survey claim that many of those investing in property are looking to acquire buy-to-let residencies.
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