In our view, the best bargains will be found in what are now the worst performing areas, because the turnaround in the market that will become considerably stronger over the next few months will be felt across the geographical board.

We see this phase happening once the interest rate peak is reached shortly after the general election and the first cut in rates hits the market towards the end of 2005.

Other key factors will be the result of a general election, which will remove some uncertainty about the economy, and strong growth in employment and wage levels.

The Property Secrets’ view then is that the moral of the story of the data is buy now before time runs out!

All the above is true – except for the London market.  As so often is the case, the London market is different.

It’s already picking up, and as the table above indicates, it was the best performing market in the UK in April.

Last month there was an 11.3% increase in the level of sales agreed (up 19.8% in March), according to Hometrack.

But more buyers are coming into the market – 4.4% increase so far this month and 6.4% in March. Even so, supply continues to exceed demand.

BUT, even though there is an increasing number of buyers coming into the market, discounts being negotiated are actually HIGHER than the nationwide average.

Discounts average over 7%!

There are, then, still plenty of bargains to be had!