Comments on Property in Bognor Regis & the Local Housing Market
Although the latest Housing Market Survey published by RICS (Royal Institute of Chartered Surveyors) would suggest that supply is increasing whilst demand has dropped, Whiteheads Estate Agents in Bognor Regis has not witnessed such a trend locally.
Peter Fullegar, Director of Whiteheads Bognor Regis comments, “We have seen a continued flow of new property entering the market over recent months, on par with figures for last year and although the media has suggested a more subdued sentiment of late, there is no indication locally that demand is falling.”
The latest figures published by the Council of Mortgage Lenders (CML) also indicate that the future does not look so bleak. Indeed, gross mortgage lending totalled an estimated £13.6 billion in July, a 5% increase from £12.9 billion in June. The CML has also reported a further decline in the numbers of borrowers struggling to keep up with their payments or facing the prospect of having their homes repossessed.
The wider economy also shows the UK in a better light. The economy grew much faster than expected in the second quarter of the year and the labour market also improved. The number in work has edged up a little and unemployment is gradually decreasing. While most of the job growth continues to be focused among part-time workers, there has been a small increase in the number in full time work.
Furthermore, whilst the Bank of England has downgraded its projections for the economy, partly in response to plans announced in the recent budget, it still believes the recovery will continue.
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