News
Combating the Crunch in Cambridgeshire
15 April 2008
It’s been universally regarded as a tempestuous few months for the property industry. In the wake of the Bear Stearns and HBOS debacles and the subsequent fall in house prices and interest rates, Cambridgeshire home movers are wondering where they stand.
Terry Lovett, managing partner of Lovett Residential, believes that, although times are tight, the slowing of the housing market is a lot more nuanced than the national press would have the public believe.
Mr Lovett said: “There’s no doubt that the market is slowing. Not only are we seeing a natural dip in property prices after ten years of continuous growth, but also the credit crunch is making it more difficult for people to fund their move. However, East Anglia and London appear to be much more buoyant than most other parts of the country, with house prices remaining relatively stable. Although our office enquiries from applicants and first time buyers are down, the number of hits on our website has trebled in the first quarter of this year.”
Lovett Residential are working with movewithus, the national property specialist, to give Cambridgeshire home movers a more comprehensive moving package and help to alleviate any fears that may be precluding people from considering a move. This includes placing sellers’ homes on their national website, promoting them to thousands of buyers throughout the UK and providing a number of moving services including HIPs and conveyancing.
Mr Lovett added: “There’s definitely a crisis of confidence that needs to be addressed before people start buying again. The recent interest rate cut by the Bank of England was a step in the right direction and was supposed to make it easier for people to borrow, but steps need to be taken to ensure that banks and lenders pass these savings on to customers. Once borrowing becomes easier, people will feel more confident about moving home, meaning stable prices which will allow first time buyers to get a foothold on the property ladder. We hope our affiliation with movewithus will go some way to convincing home movers that there are still some great deals out there.”
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