Would-be home buyers on the increase

Would-be home buyers on the increase

Would-be home buyers on the increase

First published in News by

SWINDON'S housing market is said to be in 'good standing' after an increase in demand from would-be-home-buyers, latest figures have shown.

The Royal Institution of Chartered Surveyors has reported that there has been a 'considerable rebound' from would-be-buyers during October, with a balance of 18 per cent more surveyors in new buyer inquiries than falls.

The UK housing market has been rather subdued since 2009, but experts are predicting a rise in the run up to Christmas and New Year.

Phillip Andrews, of Phillip Andrews Estate Agents in Devizes Road, welcomed the findings of the report.

He said: “First time buyers are more than welcome in the market at any time of the year, not just Christmas, as they are buying for reasons other than investment.

“The market is in good standing, especially in Swindon where the house prices are competitive due to the many infrastructures that are here such as Honda and Intel."

First-time-buyers in the town are keen to buy their home while interest rates are low.

Kimberly Bracewell, a recent first-time-buyer of Haydon Wick, said: “I wanted to get on the property ladder before the house prices rose again and whilst the interest rates were low.”

Despite Swindon’s strong position in the housing market, the north east of England and the West Midlands saw the biggest increase in first time buyer demand with surveyors reporting a 56 per cent increase in demand compared to a 35 per cent fall.

Surveyors are hopeful that this increase in demand will lead to a rise in housing sales over the coming months.

Ian Perry, housing spokesman for RICS, said: “It seems that, with Christmas around the corner, those who are in a position to buy decided to get out there and see what is available.”

Mr Perry stressed that the market 'desperately needs' the rise in housing sales in order to stabilise.

The government is also playing its part in kick-starting the economy by introducing schemes such as its NewBuy initiative, which helps people buy a new-build home with just a 5 per cent deposit.

While these initiatives are helpful to the market, they take significant time to take effect and it is said that affordable mortgage finance is still very difficult for first time buyers.

Mr Perry said: “With the Autumn Statement around the corner, we would like to see the Government focus on delivering new homes and encouraging the banks to lend at affordable levels.”

Comments (2)

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8:30am Tue 13 Nov 12

house on the hill says...

The last thing we need is encouraging people to buy houses they cant afford, do we never learn???? Interest rates can go up as well as down so encouraging people to put everythnig into it at the lowest point is a short term fix and just creating problems for the next recession.

stop all these stupid schemes and initatives and let house prices fall back to where they should have always been. Having the average house price at 8 times the average wage is only asking for trouble and it harms the economy as housholds spend more on mortgages and rent and less on other items. there are other business sectors that need us to spend not just housing. Look at the economy as a whole rather than just one "quick fix" initiave that cant last.
The last thing we need is encouraging people to buy houses they cant afford, do we never learn???? Interest rates can go up as well as down so encouraging people to put everythnig into it at the lowest point is a short term fix and just creating problems for the next recession. stop all these stupid schemes and initatives and let house prices fall back to where they should have always been. Having the average house price at 8 times the average wage is only asking for trouble and it harms the economy as housholds spend more on mortgages and rent and less on other items. there are other business sectors that need us to spend not just housing. Look at the economy as a whole rather than just one "quick fix" initiave that cant last. house on the hill
  • Score: 0

9:13am Tue 13 Nov 12

The Artist formally known as Grumpy Old Man says...

house on the hill wrote:
The last thing we need is encouraging people to buy houses they cant afford, do we never learn???? Interest rates can go up as well as down so encouraging people to put everythnig into it at the lowest point is a short term fix and just creating problems for the next recession.

stop all these stupid schemes and initatives and let house prices fall back to where they should have always been. Having the average house price at 8 times the average wage is only asking for trouble and it harms the economy as housholds spend more on mortgages and rent and less on other items. there are other business sectors that need us to spend not just housing. Look at the economy as a whole rather than just one "quick fix" initiave that cant last.
What you suggest (letting house prices fall back) will cause just as many problems as it solves. Far better to let prices stagnate for a while (as they are) and let inflation take care of the problem.
[quote][p][bold]house on the hill[/bold] wrote: The last thing we need is encouraging people to buy houses they cant afford, do we never learn???? Interest rates can go up as well as down so encouraging people to put everythnig into it at the lowest point is a short term fix and just creating problems for the next recession. stop all these stupid schemes and initatives and let house prices fall back to where they should have always been. Having the average house price at 8 times the average wage is only asking for trouble and it harms the economy as housholds spend more on mortgages and rent and less on other items. there are other business sectors that need us to spend not just housing. Look at the economy as a whole rather than just one "quick fix" initiave that cant last.[/p][/quote]What you suggest (letting house prices fall back) will cause just as many problems as it solves. Far better to let prices stagnate for a while (as they are) and let inflation take care of the problem. The Artist formally known as Grumpy Old Man
  • Score: 0

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