RISE IN HOUSE PURCHSAE LENDING
We all know these are difficult financial times. It has been said that a vibrant property market stimulates the economy and this is historically true because of all the associated industries that benefit whilst home ownership creates a general mood of optimism with its feel good factor.
For some considerable time it has been it has appeared as though the Heaton’s has been immune from these challenges with home sales being at the best levels we’ve seen for 7 years. Now there is proof that things are better than they seem
The latest government figures show prices rose 12% compared to July and 11% compared to the same period last year. In fact a total of 55,300 loans were advanced in August worth £8.4 billion and that represents the largest number of loans in one month since the summer of 2010. Furthermore lending to first time buyers rose by 14% in August against July and up 18% on the same period last year. To be precise 21,600 loans were advanced to first time buyers, which is only 10% less than in March when the holiday on stamp duty was nearing its end so demand was uniquely high.
So, the winds do appear to be changing and since SK4 is a hot spot we’ll benefit more than most. It just remains for owners to be sensible and you can be confident you’ll get a positive result sooner rather than later.
