Property market benefitting from renewed confidence post-Brexit
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Cheaper mortgages, a rise in first-time buyers and an increase in choice are helping boost the property market, according to one expert.
Kevin Shaw, national sales director at property specialist Leaders, says there has been a notable uplift in the market in recent weeks, thanks to a renewed sense of confidence.
Eight of the UK’s 10 largest mortgage lenders have lowered their standard variable rates following the Band of Englad’s decision to drop the base rate to 0.25 per cent, while figures from the Council of Mortgage Lenders show 68,200 loans were taken out by first-time buyers in June, an increase of 26 per cent on May and eight per cent on June 2015.
A rise in supply is also helping buyers make their move, with Rightmove reporting that the average estate agent had 61 properties for sale in July, up from 60 in June and 59 in May.
Kevid said: “A reduction in mortgage rates and more loans for first-time buyers is great news that will help to get Britain moving,
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“It is clear that people are using the summer as an opportunity to make their next move. With Rightmove figures showing a rise in available stock and our own statistics revealing an increase in the number of new properties brought to the market, buyers are benefiting from more choice.”
“While the precise impact of Brexit is still unknown, it has not yet had an effect and it is business as usual for the property market. After all, people still need to take their next step, find a home for their family or buy for the first time, so we expect activity to remain strong.”
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For information and advice on selling or buying a home, contact the St Albans branch of Leaders on 01727 862999, or visit leaders.co.uk.