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Is now the right time to buy?

The Royal Institution of Chartered Surveyors has confirmed in their latest monthly report that activity has risen across all regions, with the largest rises in activity being in the West Midlands and the North East.

The RICS has stated that prices rose faster in July than at any time since the housing market peak in November 2008.  More surveyors in the North East said prices were rising than those who thought prices were falling, and it is the first time that a majority of surveyors in the region have taken that view since January 2012.

The reasons?  The Help to Buy scheme, which commenced in April 2013, has had a significant impact in allowing buyers of new build homes to put down a 5% deposit and take out a Government loan for up to 20% of the value of the property.  Additionally, the RICS confirmed that the funding for lending (FLS) scheme has had a particular effect on improving mortgage availability.  This scheme allows banks to borrow money cheaply from the Bank of England and has improved so-called loan-to-value ratios, or the amount that banks and building societies are prepared to lend on any property.  Mortgage rates have also fallen, making repayments cheaper.

We have experienced increased levels of activity and demand in properties with a value of less than £250,000 and we hope that this continues to improve across a wider range of house values.

Those individuals who have been sat on the fence for some time, unsure as when to buy, may now be motivated to act.  The recent announcement by the RICS, which follows the Bank of England’s statement that they will keep the base rate at 0.5% until the UK’s unemployment rate falls below 7%, and the Institute of Public Policy Research report in 2011 predicting a shortfall of 750,000 homes by 2025, may give individuals sufficient confidence to invest.

We are predicting an increase in the volume of sales and that confidence in the housing market will gradually return.

For a Free Market Appraisal on your property, please contact:

Chris Arundel – Barnard Castle Office tel: 01833 637000

Tim Leonard – Stokesley Office tel: 01642 710742

David Cooper – Bedale Office tel: 01677 422400 & Leyburn Office tel: 01969 600120

Guy Coggrave – Richmond Office tel: 01748 829217

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