A new report published this week from the Royal Institute of Chartered Surveyors says that house sales in the UK have dropped almost 40% since the peak of the property boom in 2007.
Figures show that just over 15 completed sales were made per surveyor in the three months to May – down from around 25 over the same period five years ago.
A bleak outlook perhaps - but there are a couple of rays of hope to be found in their conclusions.
Firstly, the RICS believes property sales (if not the weather) will brighten up over the next few summer months and secondly, it seems that the Greater London area has once again avoided the worst ravages of the economic instability: Currently enjoying strong demand from overseas buyers, the capital (and its surrounds) is the only region demonstrating price increases rather than decreases.
The London property effect is clearly affecting Thornbury Park, Linden Homes’ development in Isleworth. Less than half an hour by tube to Knightsbridge and less than forty minutes to Covent Garden, Thornbury Park is as convenient as it is attractive. These homes are built within the beautiful grounds on Campion House in the Spring Grove conservation area.
The RICS report states that another reason for the current stagnation in the market is the reluctance of many banks to offer affordable mortgage products. This is where schemes like the Government led NewBuy* comes into its own:
NewBuy was introduced in March this year to help people buy new homes by effectively bridging the deposit gap.
According to the Home Builders’ Federation, NewBuy is already proving to be a success. It attracted four hundred new buyers in its first nine weeks and is expected to attract tens of thousands more over the next three years.
Simon Pendlebury, head of sales and marketing at Linden Homes says there has already been considerable interest in the NewBuy scheme at Thornbury Park:
“The scheme is appealing to buyers because it requires just a 5% deposit to secure a 95% fixed rate mortgage and applies to any new build home – house or apartment – as long as it costs less than £500,000. It could make living within easy commuting distance of the capital a very real possibility for many people who believed it was just a pipe dream.”
The RICS notes that the reluctance of financial institutions to provide suitable mortgage products is having a knock on effect on the rate of house sales: It concludes that the lack of financial assistance is slowing the process down.
In order to avoid getting bogged down in the sluggish property market and to resist being delayed by complicated property chains, Linden Homes created its Part Exchange scheme*.
The scheme makes Linden Homes your guaranteed cash buyer so you don’t need another buyer for your existing home. Linden Homes will help you buy and sell in one quick and hassle free move by carrying out several valuations of your present home, then making you an offer for it within seven days – freeing you up to go ahead and buy your new property. There are no chains and no estate agents fees.
For more information on the latest homes at Thornbury Park, or for more information on the NewBuy or Part Exchange schemes, visit the Thornbury Grove sales and marketing suite which is open daily from 10am to 5pm.
For further information, contact Naomi Wellman or Tracy Mannion at Remarkable Public Relations on 01962 893 893 or Naomi.firstname.lastname@example.org
04 July 2012