Good news for first-time buyers

PROPERTY LADDER: Now is a good time to buy a new property, says Justin Allitt
PROPERTY LADDER: Now is a good time to buy a new property, says Justin Allitt
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PROPERTY prices on the Fylde coast have fallen for the first time in seven months.

And families, couples and developers are now being urged to make the most of this opportunity by securing themselves a new property.

Justin Allitt, of the Fylde coast’s Allitt Estate Agents, says those looking to buy a home will benefit as the economy is set to grow in the second half of 2012.

He said: “Now is the time to buy property.

“This will stop people renting more because as a community it doesn’t help the Fylde coast when there are so many rented properties.

“We used to have a lot of movement from in-land towns like Burnley and Manchester, but that has slowed down.

“In terms of property value for money, homes on the Fylde coast offer very good value and there are some exceptionally good buys here.

“People have recently been unable to get the finance they need for a home and the Government should be doing more.”

Prices in the Fylde coast decreased by 0.3 per cent as property analyst Hometrack says the gap between supply and demand is set to widen following an early and rapid seasonal summer slowdown,

The figures also mean the prices are likely to fall further in the coming months and into the autumn.

Mr Allitt added: “In real terms, if prices don’t come down it means people who want to move can’t because they can’t get hold of the finance.

“There’s continued pressure on homeowners across the Fylde coast and there’s genuine, pent-up demand for purchases.

“The economy looks set to turn around in the second part of 2012 and it’s only a matter of time for people to get on the property ladder.”

Mark Harris, chief executive of mortgage broker SPF Private Clients, warned lending might continue to dwindle this year, due to the continuing recession and the unresolved euro crisis.

He said: “Money market rates have fallen to their lowest levels ever in recent weeks and this has started to filter through into pricing, with cheaper fixed rates being launched, including five-year fixed rates pegged at below three per cent.

“However, the cheapest rates remain available for those with sizeable deposits so we wait to see whether the Government’s Funding for Lending scheme has an impact on higher loan-to-value deals with more choice available at competitive rates.”