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Blackpool house price boom
THE Fylde coast's property slump could be over.
New figures show prices have rocketed by their biggest amount in five years and some estate agents are so "rushed off their feet" they are having to take on extra staff to cope with demand.
House prices in Blackpool soared 5.3 per cent between April and June this year, Wyre by 4.6 per cent and Fylde 2.7 per cent.
The number of sales is also up.
Some 360 homes were sold in Blackpool during the three month period, up from 271 in the last quarter, with 256 sold in Wyre and 229 in Fylde.
And local agents say many of the homes have been snapped up by first time buyers.
Kevin Allitt, director of Oyston's Estate Agents, which has outlets in Blackpool, Fleetwood and Cleveleys, said sales had doubled since this time last year.
He said: "The housing market is definitely on the rise, and it seems we are coming out of the bad times we've had in the last two years.
"We made 50 per cent more sales than this time last year and we have recruited more staff as we're rushed off our feet.
"Many sales in the last two months have been to first time buyers, who until recently have not been able to even think about buying a house.
"But sales of more expensive properties are also on the rise. Just this week we made a 350,000 sale."
The average property in Blackpool sold for 109,987; 161,083 in Wyre and 190,208 in Fylde.
Prices are still way below their levels of a year ago - Blackpool down 15 per cent - according to Land Registry figures.
But the recent growth is seen as hugely encouraging by many agents and customers.
Blackpool has enjoyed a 10 per cent rise in prices of semi-detached properties in the second quarter, second only to Cheshire in the North West. The average semi in Blackpool now costs around 121,986.
The average house price nationally has risen 1.7 per cent in value.
Mike Smith, director of McDonald and Company, which has offices in Bispham, Poulton and Blackpool, said: "House sales for first time buyers, of houses priced between 60,000 and 100,000,have definitely improved.
"Although prices of houses over around 200,000 have actually fallen slightly, we hope that the boost from below - the first time buyers - marks the rise out of the recession and into a promising future."
Kirkham-based agent Peter Mooney added: "We are seeing more sales of houses priced between 60,000 and 175,000.
"Banks are being more lenient with loans and first time buyers are finally coming to us with mortgages again.
"The situation is definitely better than it was 18 months ago."
Property experts in Wyre claim that despite a stagnant market for expensive homes, a push from young first time buyers will improve the market.
Sheila Royle, director of Royle Estate Agents based in Cleveleys on Victoria Road East, Thornton, said: "Although the demand for houses more than 250,000 has stayed the same for the last year, many more first time buyers have been making purchases of around 60,000 to 90,000.
"This will mean an improvement in the overall market for the future, as they move up the property ladder.
"People have also been negotiating more with price, so this has helped us to make more sales.
"It seems we've got through the worst, and the housing market is finally improving."
The British Bankers' Association said the number of mortgages approved for house purchases had risen to a 17-month high during July as buyer interest reported earlier in the year translated into purchases.
But economists have warned that the market still faces considerable obstacles due to continuing problems in the mortgage market and rising unemployment.
Nationwide said house prices were now only 14.7 per cent below their 2007 peak.
Kevin Butler, a self-employed builder, bought a house last week on Stoke Avenue, central Blackpool, with Oystons Estate Agents. He said: "Considering all the doom and gloom about buying houses at the moment, it was relatively easy.
"It's definitely a buyer's market. Oystons were extremely good, the house was up for 75,000, and we managed to get it for 68,000.
"It was all done in 10 weeks, and I was extremely relieved."
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Friday 25 May 2012
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