Grainger: Property sector is over the worst of the slump

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ref="http://www.cityam.com/company/grainger">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.