First time buyers property market growing in Hinckley and Leicestershire

First time buyers property market growing in Hinckley and Leicestershire

The latest Royal Institution of Chartered Surveyors (RICS) Residential Market Survey has been released to show that the average number of houses sold per chartered surveyor jumped to its highest level in six years during the first three months of 2014, as increasing numbers of buyers looked to test the housing market right across the country.

Commenting on the RICS Survey, Steve Chadwick, Franchisee/Director at Martin & Co Hinckley said: "I have seen the buyers enquiries rising considerably more this year than last and most notably from the first time buyers.

"The 'Help to Buy' mortgages, along with further access to finance requiring lower deposits, have woken the FTBs from their slumber. Having spent a few years in rental accommodation or living with their parents, the first time buyers have returned and galvanised the market into action.”

The RICS Survey also stated that in the three months to March, respondents sold on average 22.7 homes, the highest amount since February 2008. This latest increase in transactions comes at a time when the market is showing greater signs of life right across the country. Significantly, the increase in activity continues to be accompanied by rising house prices. During March, 57% more surveyors across the country saw prices rise rather than fall. Outside London and the South East, prices experienced the most noticeable growth in the South West and the East Midlands.

Steve Chadwick added: "In the Leicestershire area there doesn’t appear to be a shortage of stock available (as mentioned by RICS), and many new properties are entering the resale market on a daily basis. New developments are in abundance in the Hinckley and surrounding area, with some offering shared equity deals. Whether this is affecting local house prices is debatable and any property valued realistically will sell, however undeniably prices are rising.

"The latest Land Registry report is due on the 30 April 2014 which will provide an accurate and up to date picture of the current market, and it will be interesting to see if the previous reported figures which showed an increase of 3.6% in the Leicestershire region have improved."

Download the RICS UK Residential Market Survey, March 2014