Sunny Uplands
A steady improvement in the local property market is maintained with buyers being found for properties in and around Dartmouth town centre. The busy spring and early summer is very encouraging and with the good economic figures being produced recently, it could mean that we have turned a corner. With growth forecasts being upgraded and with manufacturing and services industries improving, there is definitely more confidence in the market generally.
As of the middle of July, the weather is fantastic and has been for a few weeks. The town is looking its best. Visitors can only be impressed and there has been a marked increase in the number of enquires that we have received over the last month.
Sales figures nationally have improved as well, although some of the data produced by Halifax and Nationwide is dubious and does not reflect the whole market. These organisations only account for mortgage applications and of course the London market significantly distorts the overall picture when showing a rise in prices.
According to the Council of Mortgage Lenders, lending to home movers and re-mortgagees also increased in the spring with 55,900 house purchase loans altogether and 29,5000 remortgage loans. The number of first time buyer loans was the highest monthly figure since late 2007 and a marked contrast to the low point of just 8,500 loans in 2009. Although monthly lending is still running at far less than half its typical level at the peak of the market, the Council of Mortgage Lenders believes the mortgage market is firmly open for business - both the borrowing appetite of first time buyers and the availability of attractive mortgages having improved markedly since a year ago. The buy-to-let market has also strengthened. This provides clear evidence of an improving overall market.
Let’s hope the summer brings more warm and sunny weather and continuing, good economic news.
Richard Blake 01803 832288 www.richard-blake.co.uk
First Published August 2013 By The Dart
