Throughout our 6 branch network, we’ve had a positive start to 2015 with an increase in general activity. New instructions are 15% up on the same period in 2014 and appointments with our mortgage consultants are 5% higher also.
Last month saw good news reported in several national newspapers, with mortgage approvals increasing for the first time since last summer. This follows the mortgage market review last spring, which made the banks and building societies restrict their lending.
Generally we now have a good housing market, not at the dizzy heights of 2007 and 2008, but significantly better than the recession years that followed. There are key indicators that house prices are rising, with family housing (3 bedroom semi-detached and detached houses) in high demand from buyers wishing to move up-market. Terraced housing in good condition is proving popular again with first time buyers, and investors are back in numbers (due to low interest rates) buying low value/ high yield properties and also the lucrative student property within Durham.
All the positive signs are there for 2015, and our motivated teams are looking forward to the challenge.