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Agents Challenge Chesterton Announcement

LONDON-The recent announcement by quoted estate agency Chesterton of a downturn in the residential property market has been met with astonishment by one of the country's top property agents.

By Steve Killick | Updated on June 25, 2001

LONDON-The recent announcement by quoted estate agency Chesterton of a downturn in the residential property market has been met with astonishment by one of the country’s top property agents. FPD Savills has announced that it can find no evidence of such a downturn.

‘Indeed,’ said Yolande Barnes, head of research at FPD Savills, ‘all the evidence to hand suggests that the opposite is the case.’ Chesterton had issued a statement following a tumble in its already precarious share price citing the likely downturn in the housing market as the prime reason for the company’s poor performance.

Barnes claimed today that, ‘Contrary to all reports from Chesterton, the Land Registry data for the first quarter of 2001 shows turnover up by 19% on the previous year in the £200,000 ($280,000) to £500,000 ($700,000) ranges, and up by 15% for properties over £500,000 ($700,000). The upper price brackets are actually the most active area of the residential market.’

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