By John Smith of Howards in Yarmouth
As we reflect over a difficult period we look forward to 2010 as the second half of 2009 certainly saw a marked upturn in activity and sales.
So what is the general consensus for the next two years? Early indicators suggest that we are, hopefully, through the worst and whilst general economics account for much of what happens, so does confidence. There is confidence returning, albeit a fragile one! It is likely that people will see their new property as a “home” rather than an investment for a while. Prices are stabilising which is making people think that this year might be the best time to buy. First time buyers are thin on the ground with some managing to get their deposits from “The Bank of Mum & Dad”! There will be a slow recovery on prices with the Council of Mortgage Lenders sending signals out that it is unlikely we will see a standard 95% loan to value mortgage for some time if at all. They have also intimated that more “normal” levels of mortgage lending will not arrive until 2012.
John can be contacted at Howards either on 01493 665005 or 01493 856561.