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Residential market - Sustainable Growth Welcomed

Figures revealing the average price of a home in the Shrewsbury and Atcham area has increased by five per cent last year, according to the Office for National Statistics, have been endorsed and welcomed by Balfours Property professionals, Shrewsbury town sales manager, Alistair Hilton.

According to Alistair the latest figures reflect Balfours town sales during 2015 to-date. He explains: “We operate across the whole residential market spectrum, with particularly strength in the mid to high end homes.  Without doubt a number of very positive factors are making a difference in the market and more sales are being achieved as a result.

“One of the first green shoots was the stamp duty reform just before Christmas, properties held back by previous thresholds have sold, with purchasers utilising the savings made towards a deposit and increased mortgage. Since then the election has put real certainty and confidence back into the market, this is particularly the case for buy to let properties, on which Labour were proposing draconian legislation.”

In the meantime local commerce is growing, leading to more jobs, salary increases and less unemployment; while inflation has remained low. This greater financial strength and stability has given home owners the confidence to extend and make improvements to their homes; alternatively to take the next step on the property ladder, all of which further feed the local economy.

According to Alistair these factors have contributed to the five per cent growth, which is sustainable. He reflects: “Property owners in the Midlands should not compare themselves with the overheated London market which has leapt 30% in places. While this has been fantastic for London home owners it is not sustainable. The green shoots we are seeing and achieving at 5% is both sustainable and very encouraging for Shrewsbury’s home owners.

“At Balfours the town market is important to us, the figures issued by the Office for National Statistics should be considered as a green light to a market home owners can have confidence to trade in.”

 

 

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