Market Showing Signs of Recovery

Fri 12 November 2010

The press are reporting signs of recovery in the housing market - it has, I am sure we all agree been a long time coming.

There are also almost daily alarmist reports on another housing bubble, fuelled some say by the Governments Help to Buy scheme. There are currently four types of scheme available dependent upon whether you want to buy a brand new home, a shared ownership home or an existing property. These schemes broadly speaking allow you to buy with a 5% deposit with the remaining deposit being provided by the government in the form of an equity loan or a mortgage guarantee. For more information on the schemes go to https://www.gov.uk/affordable-home-ownership-schemes/overview

Our network of offices have since September experienced the highest level of sales and enquiries for some years so the market is certainly stronger, the availability of 95% mortgages can only be a positive move to allow first time buyers and those struggling to save for a deposit get back on to the housing ladder. Confidence would seem to be returning to the market and once again buyers feel that property is a good investment.

I have heard more disturbing reports from prospective vendors this week of the methods used by some to arrive at a value for their property. Apparently one can go online, tick a few boxes, apply a formula and come out with an accurate value for your home. Sorry to be the bearer of bad news but no ... this simply will not work, it will not be realistic and not helpful if you are hoping to move.

Realistic pricing is still key to a successful sale, yes things are looking up but buyers still need to feel within reason that they are getting value for money. So I hear you cry- have prices risen across our area? The honest answer, no not yet but the general feeling is – to steal a line from a 90’s anthem - Things Can Only Get Better!

Debbie Anderson
Property Chairman