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Weather heats up property markets
11:00am Monday 12th August 2013 in News
THE summer sun has heated up the property market in Malvern, with house prices increasing at their fastest rate for three years.
According to a report by Nationwide, July saw the strongest upward swing since August 2010 with a 3.9 per cent year on year rise.
Lenders, estate agents and property websites have all been reporting surges in activity and rising confidence following the launch of a number of government schemes to give the housing market a shot in the arm.
Mortgage rates across the market have plummeted since the introduction of Funding for Lending a year ago, which gives lenders access to cheap finance.
Initiatives called NewBuy and Help to Buy have also given people with smaller deposits a helping hand and lenders have been reporting more first-time buyers entering the market, which should help free up some stuck chains.
Liz Chetwood, property consultant with Philip Laney and Jolly said: “There’s certainly a very strong market at the moment. We haven’t noticed a huge increase in prices, but properties are moving quickly.
“We had a slow start to the year when the weather was bad, but since things have warmed up the market has become more active.“Worcester and Malvern prices have a link with prices in London. As prices in the London area go up, people sell up and move out here because it’s such a nice area.”
John Goodwin, who has offices in Malvern, Colwall and Ledbury, said: “It’s really in the last four to six weeks that we’ve seen the upturn, with a greater volume of sales, although we can’t pretend the market doesn’t have problems with the raising of mortgage finance.
“It seems lame to blame it on the weather, but we didn’t have the upsurge we usually get in spring, and we didn’t have a spring either.”
House prices fell by 2.6 per cent annually in July last year.
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