Smaller building companies benefit from a rise in first time property buyers:
The U.K property market is slowly starting to show signs of recovery after the global economic setback. According to online property news site; “hotproperty” the CML (Council of mortgage lenders) have recently disclosed figures that are giving smaller building companies such as OBC Building reason to believe that the amount of building and refurbishing activity will soon increase.
According to the CML (Council of Mortgage Lenders), people took out more mortgages during the month of March 2009. The overall figure revealed a 29 % rise in overall mortgage lending with 40 % percent of those mortgage borrowers consisting of first time buyers.
After reaching a peak in 2007, U.K house prices have fallen considerably. The reduction of property values and mortgages are giving many first-time buyers the opportunity to enter the property market. According to the Royal Institution of Charted Surveyors (RICS), the highest amount of property sale inquiries in 10 years took place during the month of April – this was despite the low amount of actual sales -.
OBC builders in Bromley, Tunbridge Wells & Sevenoaks look forward to market recovery.
It looks like the housing market is slowly recovering and this is good news for smaller building companies such as OBC Building. Why? With more first-time buyers entering the property market, the probability of new build and construction activity immediately increases.
The drastic drop in property prices are giving first time buyers as well as large investment companies an opportunity to once again take on new development projects. An increase in market activity will eventually disperse the amount of construction activity amongst building businesses and this is good news for smaller building and construction companies.
For building and refurbishment companies such as OBC Building, the state of the property market is in direct correlation with new build and construction activity.
