Funds available for right type of borrower
“We have also seen mortgage availability on buy-to-let properties giving returns in the region of 5%. This figure compares well with high street investments, and should ultimately bring capital growth, providing care is taken to purchase the right property in the right location.
“There has been a strong demand for Homebuyer Reports, with people taking particular care to make themselves aware of full details of the property they are buying, including any shortcomings.
“The commercial banks have been considerably constrained in their lending on development opportunities, although the variety of instructions we have received would indicate that developers are able sometimes to obtain funds through some of the newer lending sources.
“Fortunately, we have a highly experienced team of surveyors here, who are well able to cope with the huge variety of development sites and residential properties we receive instructions on throughout the year.”
“Looking to the future, I do not see the situation changing greatly in the short term. Prices do not seem to be dropping back to any great extent, but I am very mindful that when eventually they are seen to be on the rise, there will be a lot of people keen to buy. This is likely to cause the market to jump forward. As to when that may start to happen is, of course, impossible to predict. That it will, in the long term, is a certainty.”
Andrew Crayston, Partner (Colchester Survey team)