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No house prices crisis say agents in King’s Lynn

Property news from the Lynn News, lynnnews.co.uk, @lynnnewscitizen on Twitter

Property news from the Lynn News, lynnnews.co.uk, @lynnnewscitizen on Twitter

Estate agents have dismissed claims that people in West Norfolk should be earning nearly £47,000 to keep up with soaring house prices.

The charity Shelter says average salaries in this area are £21,268 and this should rise to £46,826 to allow people to get on the housing ladder.

The charity is calling for more affordable homes to be built after examining wage and house price inflation in the East of England since 1997.

But estate agents and mortgage lenders in West Norfolk say the market is doing well thanks to initiatives such as Help to Buy Scheme with its five per cent deposit.

Two-bedroom terraced homes in Lynn are on the market for between £90,000 and £109,000.

Robert Stevens, valuer at Britton’s Estate Agents in Lynn’s Tuesday Market Place, says buying a home is not out of reach for someone on a £21,000 salary.

He said: “Prices in Lynn are quite good, you can get an awful lot for your money. It is the best time for first time buyers.

“Our mortgage adviser is extremely busy at the moment with first time buyers. The Help to Buy scheme is a really good thing as it had been very difficult for young people to get a deposit together.”

Gary Davison, manager of Millsopps in King Street, says house prices are edging up.

He said: “We are experiencing a really good market place. I don’t think it is so bad as most people can get a property.”

Mortgage adviser Nigel Barrett, of Barrett Batchelor Mortgage Services in Lynn, says lenders are placing more emphasis on whether buyers can afford the repayments.

He said: “I don’t think I’ve had to turn people away on the grounds of affordability. If people do get turned down it is usually due to credit issues.”

Shelter’s chief executive Campbell Robb says the housing shortage in this country has reached “crisis point”.

He said: “Despite the fanfare surrounding Help to Buy, pumping money into mortgage guarantee schemes is not the solution – that is to build more affordable homes”

 

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