First time buyers return (From Romsey Advertiser)

First time buyers return

11:59am Thursday 9th July 2009

Nigel Price, Managing Director of Goadsby Residential reports that the number of buyers registering within their 23 offices in June was the highest figures for over 12 months.

‘We continue to see steady progress within the residential market and its interesting to know there is a notable increase in the number of inquiries from First Time Buyers’.

Reason for the return of First Time Buyers we believe, is due to the reduction in house prices combined with historically low interest rates. As a result in the increase in inquiries this has had a knock on effect and viewings have doubled since the end of 2008. We have many examples of correctly priced properties creating interest and in some cases more that one interested party.

This is clearly shown by the recent sale of a property in Partridge Drive in Lilliput, a detached bungalow requiring complete modernisation, as a result of an open day we generated over 14 offers.

Looking forward to the second half of the year, it is somewhat difficult to predict what is likely to happen as there are concerns whether there will be a double bounce. However at the moment we do not believe this will occur if the current strong demand continues at its current level and supply to the market of new instructions remains low.

Overall it is a much more encouraging picture than 12 months ago when the residential market was fast approaching one of its quietest periods with house prices dropping at a dramatic rate.

For further information, please contact one of our residential branches or www.goadsby.com.