Sunny

Sunny

max temp: 10°C

min temp: 3°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

Home Secretary Theresa May is launching Conservative candidate for Colchester Will Quince's campaign.

The Home Secretary visited Colchester today to launch the Conservative candidate’s manifesto.

Hen harrier chicks at a nest - the species has become a symbol of UK bird of prey protection efforts.

A top naturalist and TV presenter really got to the art of the matter in his fight against illegal bird and animal persecution - and used a Constable masterpiece to make his point

Sudbury Town Centre. North Street.

Police are treating the sudden death of a man in Sudbury as unexplained.

Thomas the Tank was a favourite of Callum Maclean

It’s been a tad nostalgic in the office this week, writes Kate Dodd. A flippant mention of favourite TV as a child, and the chat turned all misty-eyed and heart felt.

Emergency services at the scene at the multi-storey car park in Bury on November 28.

A 64-year-old woman who died after falling from a multi-storey car park in Bury St Edmunds committed suicide, an inquest has heard.

RAF Mildenhall

A new group has been launched to evaluate ideas for future uses of the RAF Mildenhall site before presenting them to the Ministry of Defence (MOD).

The Red Arrows perform manoeuvres at the Clacton Air Show on Friday, 22 August.

Spectators at this year’s Clacton Airshow will once again be able to watch the world famous Red Arrows.

Kevin Bru after being reunited with Gizzer

Ipswich Town supporters came to the rescue of one their favourite players, reuniting them with their beloved dog.

Giles' portrait of Alf Garnett

An unusual work by Suffolk art icon Carl Giles is to be auctioned in the county.

Traffic. Library image.

A broken down lorry caused slight delays for westbound traffic on the A14 this evening.

Most read

Most commented

Topic pages