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Positive signs for property market

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There are signs that the local property market could be in for a strong year.

Mullucks Wells estate agents say that despite the uncertainty caused by the forthcoming general election, all the ingredients are in place for a strong local property market as the New Year gets underway.

Residential Sales Director William Wells said: “The property market doesn’t like uncertainty, but the general outlook for property is dramatically improved from the situation in 2008.

“At the start of the recession we had the perfect storm, a lack of credit, with both food prices and oil going up.

“Now we have the reverse. Food prices are down, oil prices have dropped dramatically and inflation is at on per cent and may well go lower.

“Although there are many people are in poorly paid jobs, unemployment is showing an improvement.

“There is also a general acceptance that the population is increasing dramatically. So the need for houses will remain, and I think property will continue to be seen as either as a home or a sound investment.”

Mr Wells also pointed out that 2015 presents additional opportunity for both buyers and sellers.

He added: “Come the spring, those who are of pensionable age will be able to use their pension pots to invest in property if they wish.

“There may be some benefits to some buyers in purchasing prior to the election while there is some certainty, because it could be that there is pent up demand which could come through in May, June and July.

“I’m not suggesting that we go from the perfect storm to a perfect summer, but it would appear that this most attractive part of the country, with good schools and commuting, will continue to remain popular.”

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