London, England -- (SBWIRE) -- 01/31/2013 -- Leading boutique estate agency, Chelsea Square Partnership today welcomed the uplift in property values being seen in the area around West Hampstead and North West London. The firm, which handles both property sales and lettings, has experienced rising house prices amongst its clients. This is for a number of reasons, including last year's launch by the Government of the Funding for Lending Scheme (FLS).
Ray Jacobs, Partner of Chelsea Square Partnership commented: "The property market is returning to its pre-recession strength. We believe that this is as a direct result of the FLS. We are seeing this money start to filter through to borrowers, with more mortgage products coming onto the market. In addition, it appears that buy-to-let investors are becoming more prevalent, due to instability in alternative asset classes. They are putting their trust in traditional bricks and mortar once more."
He continued: "Other causes of the uplift include a shortage of residential properties becoming available to buy as well as the lower numbers of new build housing schemes being undertaken in the current climate. Finally, the rise in the UK population will inevitably fuel a demand for housing and property, especially in London."
The Funding for Lending Scheme involves a loan of £80 billion by the Government to lending institutions on very favourable rates, on the understanding that this money will, in turn, be lent to consumers and small and medium-sized businesses.
Recently released figures from the Council of Mortgage Lenders (CML), as well as anecdotal evidence of increased buyer demand from estate agents around the country, confirm that demand has risen significantly. Additional reasons given by the CML for believing that the housing markets are in recovery include the fact that the availability of 90%-plus loan-to-value (LTV) mortgages has more than doubled in the past two years and there has been much more lending at higher LTV levels; more first-time buyers are entering the market without assistance; and lenders are innovating responsibly, a few examples being Lloyds lend-a-hand mortgage, Nationwide’s save-to-buy scheme and Barclays’ new Family Springboard mortgage.?
Earlier this week, the CML’s chief economist, noting that the estimated total gross mortgage lending for 2012 was £2 billion higher than in 2011, affirmed that, “We are more positive about the UK housing market and wider economy than a year ago. … House purchase activity was robust in the fourth quarter … and we expect this to continue over the coming months.” The CML’s estimate for gross lending in 2013 is £13 billion higher than in 2012.
Alongside traditional rental and sales management services, Chelsea Square Partnership runs a property management service for homeowners and tenants. This takes in the initial market appraisal right through to the handling of tenancy agreements, legal documentation, electrical appliance testing and gas safety certification. The West Hampstead estate agent also offers financial and moving services advice, as well as residential refurbishment support, such as loft extensions and architectural services.
In addition, Chelsea Square Partnership offers free appraisals for people looking to sell their property. The London estate agent manages viewings, vets buyers and negotiates on the vendor’s behalf to ensure a smooth sale.
The Chelsea Square Partnership website can be found at http://www.chelsea-square.co.uk
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