Confidence in Housing Market Returning

“Confidence in the housing market is increasing – slowly but surely,” says prominent local chartered surveyor Chris Jowett.

“Although the number of properties sold is still down on the same period last year, we can definitely see an improvement. Prices are stabilising and on the whole it’s looking much more positive.”

Chris, who runs Jowett Chartered Surveyors (experthomesales) and covers the Calderdale and Kirklees areas, has noticed an increase in activity – not least with a £1.1m property he has just secured an offer on, and could have sold three times over.

This activity can be attributed to a number of different factors including low interest rates, the rate of house price decline is slowing and the rise in the number of home loans for house buyers. What is also encouraging, according to Chris, is the fact that the national housebuilders are starting to build again, demonstrating their growing confidence in the market.

“There has been a build up of latent demand in the last two years in the Kirklees and Calderdale areas.  Many people want to move house but they have been put off from taking the plunge due to the global credit crisis, and the fear of not being able to make progress with their house sale because of the depressed conditions.  

However, house prices should bottom out within the next 6 month period, and the supply of properties coming onto the market should increase in the late summer/autumn period, as sellers who have been wanting to move for several years decide to take the plunge as confidence slowly returns.

Prudent purchasers are also returning to the market place as they see property to be a good investment for the future. However, realism in asking prices is still very important in order to achieve success,” Chris concluded.

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