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Renewed interest in the property market is anticipated in September
– traditionally a busy time – as recent news indicates a light at
the end of the tunnel.
The Bank of England has revealed that the interest on fixed rate
two-year deals, the most popular form of home loans, has fallen for
the first time since February and there are indications the region
is showing signs of out-performing the national average in house
sales.
Andrew Beadnall of Beadnall Copley: “We have exceeded the national
average of house sales over the last quarter by 121%.”
“The true picture is very different from some of the negative
reports we have been reading – new figures from the FT house-price
index and the Government actually show a rise in house prices of
0.3% and 0.6% respectively in July against last year’s prices.
“Of course the market has experienced difficulties but as often do
in this country, we manage to talk ourselves into a poor economic
climate so if we’re not careful, recession becomes a self-fulfilling
prophesy.
“The industry is also seeing lenders once more competing with each
other on rates to get more business which gives the sector a
much-needed boost.”
There is more promising news on the future of the market as
independent research commissioned by the National Federation of
Housebuilders predicts that property prices were again expected to
rise with the forecast of a very significant 25% increase over the
next five years.
David Copley: “We remain confident about the long term state of the
market and even in the short term, whilst prices have come down
slightly they are fundamentally holding firm. Vendors do have to be
realistic on price, however for houses with something special there
is still a lot of interest. An example is a converted barn with
stunning views that we put on the market in August - always a quiet
time irrespective of market conditions - and have had lots of
viewings and three people wanting to buy.
“Part-exchange deals are increasing and are an ideal way forward for
many people - vendors looking at up- or downsizing their homes and
swapping with other homeowners, which eliminates a lot of the
uncertainly that can be a part of the process and make it an easier
transaction for both parties.”
Andrew: “We are lucky that there are many sought-after places to
live and some superb houses in our area and the local economy is
better than many other parts of the UK which has helped. It’s high
time for the consumer to be confident again.
“It’s a buyers market – so now is the time to buy. Prices are
realistic and there are some fabulous properties representing really
good value for money – we’re hoping to see lots of new houses coming
onto the market in September and renewed interest from purchasers
which we hope will fuel a spurt in sales again.”
Beadnall Copley has offices in Harrogate, Wetherby and Ripon.
Press Contact: Susan Goss-Clements:
Direct Line: 01423 339725
M: 07719 569088;
E-mail: sgc@20-20group.com
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