Reduced house prices boost sales

Estate agents like Clifftons are experiencing an increase in sales

House sales in Bournemouth have increased despite the Land Registry reporting that January's house prices in England and Wales were 15.1% lower than a year earlier.

The nationwide decline in house prices has had a positive effect regarding sales of houses in Bournemouth.

Several estate agents claim that the media attention of the dropping house prices has encouraged buyers to buy right away.

Clifftons estate agent Zorro Ghura said: "Sales have just picked up as banks are lending a bit more money for mortgages now and people are realizing that now is a good time to buy as housing prices won't get any lower. We're doing more sales this year compared with the last six months of last year and it's only March."

"People are realizing that their money isn't getting much interest in banks, with something like just 2%, whereas with houses they can get around 4-5% interest on rental." said Mr. Ghura.

St Quintin & McConnell estate agent Tim Clark says that his company‘s business is also getting better as a result of the media attention.

He said: "Business had been slow but it’s picking up now quickly as people realize it’s the best time to buy property. In February, our company sold 19 properties within a two week period."

In Bournemouth, the average price of property is now around £150, 000, which is around the National average price, as opposed to £200,000 three years ago.