Green shoots of recovery in housing market

News from the Lincs Free Press and Spalding Guardian,, @LincsFreePress on Twitter
News from the Lincs Free Press and Spalding Guardian,, @LincsFreePress on Twitter
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South Holland’s housing market is showing green shoots of recovery as people start to have more confidence in the economy.

And schemes such as the Government’s Help to Buy are having a noticeable impact – at least in the short term – as more people get help to move to the next rung of the housing ladder.

The trend is mirrored nationally where the Royal Institute of Chartered Surveyors reports that buyers are now returning to the market in their biggest number for four years.

But local housing experts say it is too soon to say whether the current move towards a more buoyant market will last.

Ian Canham, of Weston Hills based Broadgate Homes, said there has been a sudden rush in the number of people taking up the Government Help to Buy scheme, which means they only need to find a five per cent deposit – instead of the usual ten per cent – to buy a wide range of new build homes.

He said: “It has definitely picked up a bit with the Help to Buy, which is like the First Buy scheme which helped first time buyers get on the property ladder but opens it up to a wider range of new properties.

“There is currently an intial rush of people who have been waiting to move up to something bigger but that rush could drop off as the backlog is dealt with.

“It’s difficult to judge what the level of ongoing demand will be – it might be easier to judge in six or 12 months’ time.”

Russell Gregory, of Munton and Russell, said there has been an increase in activity since the Spring.

He said: “We are now finding that quality properties at a good price are attracting more than one person interested in buying.

“Some potential buyers have been sitting back and waiting for the market to hit rock bottom but are making a move to buy now the market is showing signs of being on the way back up.”

“Lenders are also showing more confidence, which helps.”