Homes for Sale Cornwall | Real Estate Information
Recently released figures by the Nationwide Building Society have suggested that house prices have risen slightly in March. Does that mean that we have reached the bottom of the market? And how has this affected the demand for houses for sale in Cornwall?
Simon Williams from Percy Williams & Sons said that he believes that we have seen the worst and the market is definitely stabilizing. Our new enquiries have increased in the last month and we are pleased with the response we are getting from our potential customers, however many first time buyers are still struggling to raise that all important mortgage because of the reluctance of banks to offer finance unless a buyer has a substantial deposit as the days of 95% mortgages have passed and even 90% mortgages are a rarity. This is reflected in the levels of mortgage activity which is way below what has been experienced in previous recessions.
Cast your eyes through the local property press and you will see a large number of houses offering a new price tag. Some of these now present more realistic pricing and this helps as competition for buyers remains very strong. Some sellers may not realize the exact value they had hoped for, particularly where their initial aspirations were perhaps optimistic, but they are more than likely to be able pay less for the next home too. For buyers the numbers of properties available are limited as many potential sellers are also taking the wait and see attitude.
Property investors may be helping to fuel the increased demand for homes for sale in Cornwall as they look for a better return on their savings. As savers see their income dwindling with the slide of interest rates they are seeking to put their money into bricks and mortar. If they get it right property investment can increase their rate of return above that seen from having cash languish in a low interest rate savings account.
Simon Williams believes this may be contributing to the recent house price rise “We have seen an increase in investment purchasers looking at our homes for sale in Cornwall during the last month, seeking better returns on their money. This will eventually help to fuel the increase for a period and stabilize the market. Percy Williams and Sons have an advantage over some of the more traditional property developments by providing state of art eco-properties located in Hayle near the coast of Cornwall, which not only help to reduce your living expenses but provide contemporary urban living. Green living is becoming very mainstream and we are able to provide luxury new homes with all the bells and whistles for environmentally friendly living, and no one can complain about fewer bills to pay!
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