Rain

Rain

max temp: 11°C

min temp: 6°C

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.

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.”

0 comments

High-risk sex offenders, including those with a history of breaching court restrictions, are not being checked by Essex Police a new report has revealed.

Domestic abuse victims as old as 90 are coming forward for the first time according to support services in Essex.

Suffolk’s hit-making chart star, Ed Sheeran, wowed the crowds at this year’s Brit Awards with a rendition of his most recent hits.

More than 40 photographers will be exhibiting hundreds of images for this year’s Ipswich and District Photographic Society exhibition.

Council tax bills in Ipswich will go up by 2.7% from April.

A woman paid an alleged conman from Suffolk who claimed to be a helicopter pilot £300 for a flying lesson for her daughter that never took place, it has been claimed.

The owner of a pet cat who had its ears cut in what has been described as a “horrific” attack has spoken out to warn others.

Most read

Great Days Out

cover

Click here to view
the Great Days Out
supplement

View

Eating Out in the Broads

cover

Click here to view
the Eating Out
supplement

View

Visit the Broads

cover

Click here to view
the Visit the Broads
supplement

View

Most commented

HOT JOBS

Show Job Lists

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24