Housing market sprouts green shoots

ESTATE agents in Suffolk are bucking the national trend and fighting back against a fading property market after reporting a rise in house sales during the last five months.

ESTATE agents in Suffolk are bucking the national trend and fighting back against a fading property market after reporting a rise in house sales during the last five months.

Figures revealed by Haart estate agents show that sales in the region are up by 38.2 per cent, as house prices continue to fall amid economic slowdown.

The stats also show the number of mortgage applicants in the region has risen by nearly 70pc as buyers try to take advantage of favourable interest rates and the lowest house prices in five years.

Russell Jervis, managing director of Haart estate agents, said: “Although the bottom of the market has not yet been reached as house prices in many areas are still following a downward trend, Haart's data is currently presenting a relatively buoyant picture in terms of market activity and offers received.”


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Estate agents in Ipswich have reported a similar upturn in the industry.

Ashley Evans, office manager at Primedale Residential Ltd, in Crown Street, said: “I would certainly say the outlook is better compared to last year, when prices dropped like a lead balloon.

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“Prices have not plummeted as quickly in the first three months of this year and we have noticed a lot of activity and interest among first time buyers.”

Roy Spalding, office manager at Seatons, in Great Colman Street, said: “We are seeing an improvement but not in terms of value and we are quite keen to make that clear.

“What we don't want to see is a panic situation where people start buying because they think values are going up.

“The good news is that the market is getting more buoyant with increased sales and applications.”

Are you benefiting from the optimistic housing market? Write to Your Letters, Evening Star, 30 Lower Brook Street, Ipswich, IP4 1AN, or e-mail eveningstarletters@eveningstar.co.uk

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