The market awakes!
With good news surrounding the property market daily in the media it feels like a new dawn is rising.
Across the UK the property market has swung back into growth. Whilst prices are not on the up in our region, in comparison to the national average there is slight growth.
Cheaper more readily available mortgages and the Government plugging its deposit-boosting Help to Buy scheme are helping the increase in volume and demand.
Since January, cheaper mortgages from Funding for Lending have begun to filter through; the government are welcoming the boost in the housing market as an indicator that the country’s economy is in recovery which is also good news for buyers and sellers.
From our own extensive market statistics it just seems that home buyers appear to have decided they have had enough of sitting on their hands.
The Royal Institution of Chartered Surveyors, record rising house prices are spreading from London through the commuter belt and very slight increases in the North West. We believe this is down to affordability and the still heavy local dependence on the public sector.
The City Centre student rental market has been strong again despite widely reported falling student numbers, students are becoming more discerning and seeking better quality accommodation.
The auction business has been phenomenal this year with volumes of entries consistent and percentage of properties sold at auction reaching 2006 levels.
All in all the most encouraging market since 2007.
CEO of BFL, Venmores, Ball & Percival and William Gleave
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