A new report published this week from the Royal Institute of Chartered Surveyors says that house sales in the UK have dropped almost 40% since the peak of the property boom in 2007.
Figures show that just over 15 completed sales were made per surveyor in the three months to May – down from around 25 over the same period five years ago.
A bleak outlook perhaps - but there are a couple of rays of hope to be found in their conclusions.
Firstly, the RICS believes property sales (if not the weather) will brighten up over the next few summer months and secondly, it seems that the London area has once again avoided the worst ravages of the economic instability: Currently enjoying strong demand from overseas buyers, the capital (and its surrounds) is the only region demonstrating price increases rather than decreases.
The London property effect is a far reaching one: Around forty minutes out of the centre of the city, via the mainline and the Piccadilly, Metropolitan and Central tube lines are the Ruislip stations. Ruislip is the home of Linden Homes’ Orchard Grove development, a collection of two bedroom apartments close to the pretty High Street.
These homes are proving extremely popular because their location offers close proximity to one of the most vibrant cities in the world, yet all the old world charm of village life. It is the best of both worlds.
According to the RICS report, another reason for the current stagnation in the market is the reluctance of many banks to offer affordable mortgage products. This is where schemes like the Government led NewBuy* comes into its own:
NewBuy was introduced in March this year to help people buy new homes by effectively bridging the deposit gap.
According to the Home Builders’ Federation, NewBuy is already proving to be a success. It attracted four hundred new buyers in its first nine weeks and is expected to attract tens of thousands more over the next three years.
Simon Pendlebury, head of sales and marketing at Linden Homes says there has already been considerable interest in the NewBuy scheme at Orchard Grove:
“The scheme is appealing to buyers because it requires just a 5% deposit to secure a 95% fixed rate mortgage and applies to any new build home – house or apartment – as long as it costs less than £500,000. It could make living within easy commuting distance of the capital a very real possibility for many people who believed it was just a pipe dream.”
The RICS notes that the reluctance of financial institutions to provide suitable mortgage products is having a knock on effect on the rate of house sales: It concludes that the lack of financial assistance is slowing the process down.
In order to avoid getting bogged down in the sluggish property market and to resist being delayed by complicated property chains, Linden Homes created its Part Exchange scheme*.
The scheme makes Linden Homes your guaranteed cash buyer so you don’t need another buyer for your existing home. Linden Homes will help you buy and sell in one quick and hassle free move by carrying out several valuations of your present home, then making you an offer for it within seven days – freeing you up to go ahead and buy your new property. There are no chains and no estate agents fees.
For more information on Orchard Grove in Ruislip, NewBuy or the Linden Homes Part Exchange scheme, please call the sales and marketing suite at Orchard Grove on 01895 625475– or visit the development for yourself – it is open daily from 10am to 5pm.
*conditions apply
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For further information, contact Naomi Wellman or Tracy Mannion at Remarkable Public Relations on 01962 893 893 or Naomi.wellman@remarkablegroup.co.uk
