Sunny

Sunny

max temp: 24°C

min temp: 16°C

ESTD 1874 Search

Suffolk: Housing market could be set for revival

12:54 12 February 2013

Estate agents have praised a revival of the housing market following positive sales figures for the start of 2013.

Estate agents have praised a revival of the housing market following positive sales figures for the start of 2013.

Archant

ESTATE agents have hailed a revival of the housing market after positive sales figures last month.

shares

The Royal Institution of Chartered Surveyors said there had been a 13% hike in the number of surveyors reporting an increase in newly agreed sales in January in the East of England.

Graham Buxton, a partner at Fenn Wright in Colchester, said there was confidence for a good year of trading but warned against expecting a “dramatic” improvement.

He said: “There has been pent-up demand in a static market for the last two or three years and building societies and banks are beginning to free-up money for first-time buyers coming through now. People are also coming out of the rental market because they don’t want to be left behind. So we have seen an increase in sales since the beginning of the year and there is a general feeling of confidence for 2013 – but it could just be a gentle increase, and not a dramatic one.”

Ollie Peacock, partner at Jackson-Stops & Staff estate agents in Bury St Edmunds, said they experienced a rise in sales year-on-year for the last quarter of 2012.

“The industry shrunk by half in the recession so it is really encouraging to see those increase of sales,” he said. “The number of transactions has fallen sharply since the peak of the market in 2007, from 1.6million to 800,000 -900,000. People have adapted to what economists have called a ‘new normal’. People have adapted their expectations of house prices.”

House sales in the UK rose by five percent in 2012, rising to 932,000 – up from 885,000 the previous year, and the highest since 2007.

Carl Eastwood, partner at Strutt & Parker in Ipswich, said: “Banks are still very strict on lending and it is not easy for people to borrow money, so we must not get carried away just yet. The average age of first-time buyers getting on the property ladder is now 30-40.”

shares

0 comments

The existing A14 in Cambridgeshire which is prone to congestion.

Suffolk MPs Therese Coffey and Jo Churchill have taken the case to upgrade the county’s busiest road to the Transport Department.

Chilton Meadows Residential and Nursing Home.

A nursing home in a Suffolk village has been found to have breached the health and social care act following an inspection from the Care Quality Commission.

Ashley Leech

A convicted armed robber described as causing “significant risk of serious harm to the public” has been given an extended jail term.

Ipswich Crown Court

An Ipswich man’s car was allegedly attacked by two men wielding baseball bats while he was sitting in the driver’s seat near his home, a court has heard.

The former Ipswich Airport site from the air

Work on a £1m project to speed up traffic between the A14 and Warren Heath in Ipswich starts today.

Lemons Hill Bridge, Tattingstone

The death of a 22-year-old man at Alton Water has been described as an accident waiting to happen by villagers.

Pupils at Grange Community Primary School participate in their sports day

An Olympic-style games week has taken place at a Suffolk primary school with a combination of races and team games being held.

The Script Thetford High Lodge 2015-104

Chart-topping Dubliners The Script were back at Thetford last night to kick-start a weekend of big-name open-air concerts at the forest venue.

A former 4th July Celebration at RAF Feltwell.

A popular July 4 celebration organised by American airbases in west Suffolk has been cancelled due to “local threats”.

New Street, Woodbridge

An 82-year-old woman from Leiston who died following a crash in New Street, Woodbridge, has been named by police.

Most read

Most commented

Topic pages