Grainger: Property sector is over the worst of the slump

GRAINGER, the residential property developer, yesterday added its voice to the growing number of firms who think the worst of the slump could be over, after it reported a rise in house sales turnover.<br /><br />Grainger, which has around &pound;3bn of assets under management, said tough trading conditions in the residential sales market had eased in recent months, thanks to a combination of high demand and low interest rates.<br /><br />It sold &pound;169m worth of property in the 10 months to end-July, and has a further &pound;67m worth of deals in progress.<br /><br />In the four months since its half year, the firm has sold 587 residential units for &pound;73m compared to 442 units for &pound;55m in the preceding six months.<br /><br />Andrew Cunningham yesterday said: &ldquo;We expect total sales proceeds to exceed those of last year, providing further evidence of our ability to generate sales income even in these difficult market conditions.&rdquo;<br /><br />But Cunningham urged caution: &ldquo;There is stability, but in the context of last y ear it still is very volatile and fragile.&rdquo; He added that the decline in values was nearing its end.