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Green door with gold details - Dedham - Beresfords Estate agents - Essex

Season of Change Market Report

By the Beresfords Marketing Team - 10th November 2011

With Spring being a traditionally popular time for property sales are we beginning to witness those green spring like shoots?

Increased levels of buyer activity, seen throughout the year, gathered pace particularly in April with many now witnessing the current property market as a window of opportunity. Investors and first time buyers are realising property prices maybe at their lowest for a number of years. Those moving to the next property ahead have seen the gap narrow considerably and affordability has made the move more attractive.

The mortgage market has also witnessed increased activity with the Bank of England showing the number of mortgages approved for house purchases increased for two consecutive months to reach a 10 month high in March. In addition a number of lenders have cut certain mortgage rates and have been introducing new deals for borrowers with smaller deposits amid fresh signs that confidence is returning to the market.

So with increased market activity is now the time to make that move?

Paul Beresford, Chairman/Managing Director of Beresfords, comments:

“The property market is definitely sensing a wind of change with far greater buyer activity and enquiries up considerably.”

“There has been a marked improvement in housing affordability for potential first time buyers. Over the past 18 months the reduction in house prices, relative to average earnings, has meant that housing is at its most affordable for more than 6 years. In addition the Government’s decision to keep the lowest stamp duty threshold at £175,000 until the end of the year will help first time buyers across the market.”

“In April we witnessed the highest level of new business for 20 months with the majority of our offices exceeding their targets for the month. In addition the value of sales agreed for the month was up 47% from January this year. It is a reflection of the fact that prices have been far more attractive coupled with far cheaper borrowing. This realism is bringing more people to the market and showing the start of a recovery."

“With increased buyer activity and the number of properties being sold across Essex on the rise we are currently witnessing a far greater need for further properties to come to the market. The market will continue with the positive signs, but it does need more people with the confidence to move and realise that properties will sell and there is now quite a pent-up demand with the lack of supply.”

“I think all good professionals in the business will hope that the market will show a gradual improvement with the stablising of prices that is now being seen.”

“I am pleased to state that we are witnessing those much talked about green shoots of recovery but these green shoots do still need some nurturing.”

If you are looking to sell your property then you could be one of the many success stories and take advantage of the improving market. We have a growing number of applicants looking across the county, so if you are looking to move at the present time, you can be assured of strong interest in the current climate.

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