The much-heralded green shoots of the property market referred to over the past couple of years are now well established and moving close to full bloom, says John Halman, managing director of Gascoigne Halman.

“As the year has progressed we have seen a steady increase in sales and an increasing number of press articles relating to the recovery of the property market with many anticipating an undesirable housing market boom,” he said.

“For the most part these articles become self-fulfilling as they provide the confidence that the market lives off to encourage purchasers to buy and sellers to sell.

“Much of the speculation surrounds the affect of Help to Buy 2, the Government’s housing initiative, where they will offer guarantees on the first 20 per cent of the loan, thereby allowing cheaper mortgages for purchasers requiring up to a 95 per cent mortgage.

“Whilst it is still early days, the products that have been released so far tend to be at interest rates of around five per cent, and some carry an arrangement fee as well.

“This compares to current loans which are available for purchasers looking to borrow not more than 60 per cent at a range of rates as low as 2.2 per cent, fixed for three years.

“Whilst Help to Buy will undoubtedly be a catalyst for purchase for some buyers, it is unlikely to transform the nature of the property market and will have a less beneficial effect than the press speculation that surrounds it.

“There is no doubt, however, that the property market needs first -time buyers and any assistance that can be given for this type of purchaser, many of whom will already be living in rented accommodation, can only be regarded as helpful and therefore a stimulant to the market overall.

“There are currently many people paying rent in excess of that which they would pay in mortgage payments, if only they could find a deposit and have the confidence to buy. Each of these aspects has been aided by Help to Buy 2.

“This increase in confidence has brought with it an increase in activity in our own property market and has also resulted in pressure on prices in the more desirable locations for the first time in five years.

“Our number of housing transactions has increased over the past six months on a month-by-month basis, and it would seem there is a considerable amount of pent-up demand from families who have been sitting tight for the past few years and are now looking to move over the coming year.

“For this reason if no other, we are optimistic that those blooms I referred to may well be in full flower by next spring, but beware of the coming frosts.”

Gascoigne Halman is an estate agent with 17 offices in South Manchester, and John Halman is the North West Regional Residential Spokesman for the Royal Institution of Chartered Surveyors.