Existing homeowners and potential buyers are always interested in property prices and both the present and predicted state of the housing market.
The banking crisis of 2008, clampdown on mortgages and the recession led to a very poor property market for a five year period until late Summer 2013.
Prices had fallen between 5% and 25% depending on location, repossessions had soared and the rental market had boomed as possible purchasers could not find the large deposit lenders then demanded and who wanted to buy when prices were falling?
Come Summer 2013 and that magic word in property, confidence, started coming back and surprisingly quickly.
The A combination of a kick start from the publicity of the Government’s Help to Buy scheme, an improving economy with good media reports on employment and economic growth and the mortgage lenders releasing much more money all increased buyer demand significantly. Why rent if you now only need 5% deposit, mortgage costs have never been lower and house prices are moving up again?
As always the desirable areas have the highest demand and prices recovered most quickly, so south-west Sheffield is already seeing prices often in excess of those in 2008 and interested buyers bidding above the asking prices in many cases.
In the same way that the London and south east property price increase slowly spreads northwards we can expect all of our area to show increases but it will be slower and less marked in the less popular locations.
At Hunters we are in a unique position to give all our clients the best of both the corporate world of huge chains of agents together with a top quality independent local agent with its finger on the pulse of what’s happening here. Our clients have the benefit of national coverage from over 100 branches, award winning staff training from the Hunters’ Academy, coverage on all the websites and the financial security of a large group.
However, unlike the corporate owned agents, our offices are owned and run by the people who work in them. You can deal with the owner of the business, a top quality local independent established for 48 years and with qualified chartered surveyors, Fellows of the National Association of Estate Agents and members of the Association of Residential Letting Agents to deal with all your property requirements.
We can only foresee economic good news for the country as a whole and with mortgages at low rates, only small deposits needed and the likelihood of government incentives before the General Election in 14 months’ time, now is the time to buy your first home or to move upmarket before the gap widens too much between your sale and purchase price.
Visit your local Hunters branch or visit www.huntersnet.co.uk