Leeds property news: Market will suit buyers

Have your say

A leading property expert says now is the time to buy a house as prices begin to rise.

Ian Summersgill, managing director of chartered surveyors Linchpin Ltd, said: “There is more activity in the housing market, you only need drive through your own area to see the increased number of ‘sold’ signs appearing on sale boards.

“I’ve noticed specifically that enquiries for building surveys have been on the increase since Christmas and all the estate agents we deal with concur that business has improved since Christmas and continues to do so.

“However there is a caveat to the above in that most of the upturn in our area relates to the lower end of the property market and not particularly to higher end value properties.

“There are various reasons for the upturn, low mortgage rates, the Government subsidy scheme, rock bottom property prices but above all I think its down to a general uplift in consumer confidence. People are starting to spend again.

“We’ve also got much more positive news in the media, the days of doom and gloom appear to have receded and we’re starting to talk more about the end of the recession, an upturn in the economy.

“You don’t need to be a qualified surveyor to recognise that house prices are as cheap as they are going to get, the same for mortgages and if you don’t buy now you’ll end up buying in a improving market.

“House prices simply react to demand. As demand increases, supply reduces, competition increases, and prices rise. We’re starting to hear of gazumping again and its been a few years since that last happened. Its also worth bearing in mind house prices have fallen over the last few years and it will be a while before we get back to the house values achieved prior to this recession.”