By Graham Youlden, of Sylvesters estate agents in Lowestoft
It’s official, we are out of recession! The last few years and the recession have had a severe impact on Lowestoft – resulting in many job losses & fewer opportunities. For all of these issues there is no quick fix and there is no doubt that it will take a long time for the lost jobs to re-appear and things to “get back to normal”. Certainly more than 2 years in any case. But – banks & building societies appear to be responding to public need, i.e. more funds are being released – & as a result, mortgages are becoming somewhat easier to obtain. This means more first time buyers are coming forward, in a position to buy, & so allowing purchase chains to develop & more properties & vendors to move forward. Also, investment buyers are becoming impatient, getting little return from money in the bank and are therefore looking at buy to-let-properties with greater interest, given the increased need for rental properties. This is all GOOD NEWS!! Remember, it is not necessarily an increase in property values that we need – but an increase in property transactions – i.e. more people moving! This is good news for everyone because when people move, they are much more likely to buy new carpets, furniture, appliances etc., therefore benefiting the “High St” & the economy in general. Currently, there certainly appears to be more confidence in the future – so I suggest that now is the time to consider buying, or moving house, while values are steady & relatively low. One thing I can say is that there is every reason for optimism, but we all need to play our part. The only way is up!
Graham is on 01502 566 611