Local housing market springs into action
24th May 2017
Locally, there are signs of a booming housing market, with high demand from first time buyers. This is welcome news for many, particularly in light of a national trend showing a stagnant housing market leading up to spring.
According to the Royal Institute of Chartered Surveyors, March and April were particularly slow nationally, with a decline in the number of agreed sales and new instructions, and a lack of enquiries from new buyers. The shortage of housing supply, high house prices, rising stamp duty, changes in buy-to-let tax rules, and uncertainty over Brexit and the general election, are all thought to be contributing to a loss of momentum across the UK.
While the national picture is rather gloomy, things are looking more positive at a local level. We are seeing particular demand from first time buyers wanting to arrange a mortgage. This fits with new research from the Council of Mortgage Lenders which shows that lending to first-time buyers hit a 10-year high in March this year.
With the number of new houses in the Leamington area and the ongoing regeneration of Coventry, it’s not surprising that first time buyers are keen to move to the area. As well as arranging standard mortgages, we’ve been able to help people get onto the property ladder for the first time through schemes such as Help to Buy, shared ownership and support from guarantors.
Gary Thompson from local estate agent Charles Rose Properties, agrees that the local market is looking healthy. He said: “The year got off to rather a slow start but things have really picked up in the last month and we are busier than ever! There are lots of people looking for their first homes but we’ve also seen a rise in the number of properties coming on the market which is sparking new interest from potential buyers.”
It’s hard to predict how the market will respond as the pollical situation and exit from Europe unfold. However, with current signs of a buoyant local market alongside low interest rates, it’s a good time to talk to specialist advisers to discuss your options.
For independent mortgage advice and support throughout the application process, please get in touch.