AS THE new residential property year gets up and running, estate agents in Basingstoke have been looking back to 2003 - a year when the pundits predicted a crash that never happened.

It got off to a busy start but, like the global economy, stuttered in the build-up and during the Iraq war, before picking up again.

Charlie King, managing director of estate agents Carson and Company, expressed the majority view of estate agents and the general public.

He said: "Looking back at the fortunes of the property market throughout 2003, anyone could have been forgiven for being more than a little confused. It seems that hardly a week went by without conflicting reports of either an impending crash in house prices or that prices would continue to soar."

A distorted picture was created which showed national statistics reckoning there would be a 15 per cent rise in prices over the year.

Mr King said: "For London and the South East there is a very different story to tell. Here prices have fallen by as much as 1.5 per cent on averages a year ago, with the most expensive properties in the region showing the greatest decline.

"The result was a swing from a sellers to a buyers market, but the second half of the year showed a strong recovery across Hampshire, Berkshire and Surrey," said Mr King. Bob Hart, local director of Bradford and Bingley Poulters, said: "Prices locally were pretty steady throughout the year. There were some high advertised prices but generally those who priced their property realistically found a buyer within a few weeks."

He added: "What was especially noticeable in 2003 is that it has been taking longer than ever to reach exchange of contracts from sale agreed.

"We see that the expectations from builders and the public is four weeks to exchange. More often it is now 12 weeks if there is a chain. Technology is making things worse rather than better. Call centres and helplines prove to be generally hopeless when trying to progress mortgages and chains."

Mike Holland, manager of Mann and Co, said: "The year 2003 was a tougher market than in previous years and property prices stabilised around the time of February.

"Local marketing was particularly tough, therefore we had to utilise the mailing lists of offices located in more expensive areas such as Fleet, Farnborough and Frimley to attract out-of-area buyers. To these buyers the perception was that Basingstoke represented excellent value for money against properties 10 to 15 minutes up the M3 and A33."