TELEVISION programmes have created an upsurge in the number of purchasers looking for a run-down property to improve and develop, according to Robert Plant, manager of Savoy Estates in Basingstoke.

But he also gave a health warning to those thinking there was a quick buck to be made.

He said: "Not every house that receives a lick of magnolia and laminated flooring will yield profit. The opportunities do exist but not often, and profit margins are tight even for the professional developer."

Mr Plant also believes the redevelopment of Basingstoke through Festival Place has encouraged the local market by improving the appeal of the town as a place to live.

It was a point picked up on by Stuart McCombie, of the Arlington Square estate agency. He said: "2003 saw strong demand for character properties within walking distance of the town centre, which have risen in value by approximately 10 per cent, with demand outstripping supply."

Looking back over the whole year, he said: "The war in Iraq meant the traditional spring market got off to a very slow start. Many would-be movers, such as first-time buyers and investors, held back due to fear of a long, drawn-out war and worries over interest rates.

"However, the war was soon over and the property market went into overdrive with high sale levels throughout the summer, including the usually quiet month of August. Sales remained high through to December."

As the market responded to the post-war Baghdad bounce, David Bennett, residential sales manager at Simmons and Sons, said: "October and November were superb as far as both instructions and sales were concerned, which could be construed as surprising as the rise in interest rates halfway through November had little effect on the market."

Jeff Bevins, managing director of Redwoods, gave this summary of the year: "We came into 2003 with the market showing no sign of an increase in prices. For the first time I have known in years, the prices remained the same - not going up or down.

"If any estate agent says they have had a record year, or even a good year, I will be highly sceptical."

Mr Bevins added: "There has been a big shortage of first-time buyers and the market has been a lot slower than previous years. However, some of our village offices, especially Hook, did better than 2002."

Michael O'Shea, of estate agents Keel Barrett, used the sale of two houses in the Black Dam area of the town to sum up his view of the 2003 market.

He said: "The year saw relatively stable prices, particularly in the lower and middle market. Good examples are two similar three-bedroomed end-of-terraces in Gainsborough Road, one of which went under offer in February at £135,000 with the other going under offer in December at £138,000.

"Likewise, a three-bedroomed Avon-style house in Coates Close (pictured right) went under offer in December 2002 at £169,995 and another Avon-style house (pictured left) went under offer in June 2003 at £170,000."

Next week, Gazette property editor Liz Woodford reports on estate agents' reactions to the early levels of activity and asks for their predictions for the year ahead.