City bonuses to boost property market

02 February 2006
Record City bonuses are set to boost the property market in the next few months, according to analysts.

It is predicted that the top employees in the City will snap up around 20,000 properties in February and March.

The average bonus payout expected to be dished out to City workers is £23,000 while it is predicted that 3,000 bankers will get bonuses of over £1 million.

Experts at the Homebuyer Show think that a lot of this extra cash will be invested in the property market.

An estimated £3 billion of the £7.5 billion that has been paid out in bonuses is expected to find its way into the housing market.

"The start of the calendar year is traditionally an exciting and busy time for estate agents in London as many City workers choose to spend their bonuses in the housing market," said Nick Clark, managing director of the Homebuyer Show.

"Although market growth has slowed since the property boom of recent years, property is still a smart place to invest money with plenty of exciting markets offering enticing returns."

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