Property sales on the rise in Cheltenham say estate agents
PROPERTY sales are booming in Cheltenham, according to local estate agents.
There are less houses on the market than there are willing buyers, making demand for homes the highest it has been in four years.
During July, the number of potential buyers looking to enter the market nationally grew at the fastest rate in the UK since July 2009.
Since the start of the year, buyers have gradually been returning to test the market and the number of would-be buyers seen have grown.
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Erling Lindoe, branch partner for RA Bennett & Partners based in Bath Road, Cheltenham, said: "Everything is wonderful.
"The housing market is booming and there are not enough properties to go around.
"If you have got a property that is priced well, it will sell, which is probably due to demand.
"Over the past four years, rents have been increasing and have caused borrowing to stay very low." With rising buyer confidence, more potential sellers looked to test the market and place their homes up for sale.
Last month, 15 per cent more respondents reported rises rather than falls in new instructions.
Mr Lindoe said: "I wasn't necessarily aware that there is a major issue in the market.
"The market in Cheltenham is a very simple case of demand and supply. Demand is currently exceeding supply which helps. But I don't see that house prices are rising at the moment."
As part of continued growth, a Royal Institute of Chartered Surveyors (RICS) residential market survey expects sales to rise rather than fall over the next three months.
RICS global residential director Peter Bolton King said: "These results are great news for the property market as it looks like at long last a recovery could be around the corner.
"Growth in buyer numbers and prices have been happening in some parts of the country since the beginning of the year but this is the first time that everywhere has experienced some improvement.
"It is clearly good news those parts of the property market that were struggling are at last showing some signs of life."