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PRICE INCREASE MARKS OPTIMISM FOR 2010
January 2010
AN East Lancashire property expert has welcome the news that house prices increased in November for the sixth month in a row.
The statistic from the Land Registry shows an increase of 0.9 per cent, bringing the cost of the average home in England to £161,554.
Figures also show an increase in the number of sales, with a rise of almost 5,000 transactions in June to September 2009 when compared to the same period in 2008.
Graham Ireland, conveyancing partner at Haworth & Nuttall, a law firm with offices across East Lancashire, said: “This increase of just under 1 per cent brings prices to just 0.3 per cent below those of a year ago.
“This is a good sign for the housing market and could pave the way to increased optimism by buyers.
“Mortgage lenders have also been introducing new products to the market, and seem to be more willing to lend money, something which can only be welcomed.
“An even more welcome move on the part of lenders would be if they would even further relax their current lending criteria for first time buyers. Once first time buyers return to the market, things should improve dramatically.
“While 2010 is unlikely to break any records, I am confident that we will see signs of improvement.”