House Prices Increase in England and Wales

Aug. 15, 2013 - PRLog -- They have also risen on average by £6,726 in the past 12 months and have dropped only once in the past seventeen months, say Bournecoast Property Agents in Bournemouth.

The latest data released from LSL Property Services shows that this is the catalyst for a significantly improved mortgage market.

LSL and Bournecoast agree that sales are significantly higher than they were last year, reflecting improved conditions for buyers.

As a result, a plethora of excellent mortgage deals are surfacing and cheaper mortgages have trickled onto the market which is good news for property buyers.

Des Simmons, Managing Director of Bournecoast said: "Strong performance in the Capital is dragging up the average UK house price, particularly in England and Wales.  Without the London market in the equation, the national rise in prices falls to 1.1%.  Here the widening gap is also noticeable between housing types and income groups.  London’s share of the whole £1m market and £2m property market has grown rapidly, clearly indicating wealthy buyers still form a disproportionately large share of the market.

He added: “Despite difficult funding challenges, the Government’s attempts to steer the housing market have been vital to the progress made so far.  The property market has been recognised as key to a healthy economy and numerous measures, such as the Help to Buy, New Buy and First Buy schemes designed to stimulate lending for development and mortgages are being used to fuel the market against strong economic headwinds.   

“In order to unlock increased loan to value (“LTV”) lending in a controlled way, lenders need the constraints that require them to hold 8 times more capital in reserve for advances over 60% LTV to be loosened.  Unless these constraints change, alongside the increased cheaper funding availability, lenders will find it hard to extend lending to many hard pressed first time buyers.”

Bournecoast are the area's Buy-to-Let specialists and offer a residential letting, holiday letting and estate agency service. If you are a property owner, or are looking to buy, sell or rent a property, please contact Bournecoast for further information about the services they offer on 01202 437888 or visit their website www.bournecoast.co.uk.

 

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Image Caption: Des Simmons, MD of Bournecoast

 

Further Information:

In 2010 Bournecoast celebrated it’s 50^th anniversary and has been family run since it’s inception when it was established by Major & June Webb in 1960.  Keith Simmons MBE, the previous managing director and Major Webb’s son-in-law, was then joined by his son and daughters, Des Simmons, Veronica Strongman and Anita Smith, who now run the company with a team of eighteen staff.

 

Bournecoast Property Agents have extended their skill base within the ever changing property market and deal with providing self catering holiday accommodation, high quality short term lets (for example to tenants), long term lets and are also an estate agency for people wishing to buy or sell their property locally.

 

Over the past 50 years Bournecoast has invested in a skilled workforce, ensuring each member of the team enjoys dealing with people and property whilst ensuring their knowledge of the whole property market is second to none, providing advantage over most local agents.

 

Issued by:

Alexandra Eaton

Marketing Manager

Bournecoast

alex@bournecoast.co.uk

 

01202 437888