US buyout fund Oaktree Capital has secured the support of a necessary majority of creditors to push through its plan to take over the UK’s biggest residential estate agency Countrywide, in spite of discontent from some of the company’s bondholders.

The moves by the investors highlight some appetite for property related companies in the UK, and could provide evidence that the sector has seen much of the worst of the downturn. However, investors were quick to warn that this does not mean conditions will necessarily improve soon.