South Cumbria house values soar

Experts say demand is rising, enabling homeowners to achieve their asking price in a matter of weeks.

And they are predicting 2016 will see the market improve further, with the government's final decision on the successor submarine programme a key factor.

Their upbeat projections come just a week after economists tipped house prices to rise by six per cent in the north west next year.

POSITIVE SIGN Corrie and Co says its internet hits are up 25 per cent MILTON HAWORTH David Corrie is the managing director of Corrie and Co, which has offices in Barrow, Ulverston and Millom.

Mr Corrie said: "Nationally there has been an increase in the number of sales in 2015, and it looks like there could be a 10 to 15 per cent increase in completion numbers. The stimulus to first time buyers, Help to Buy, lower interest rates along with a stronger economy and incomes increasing has actually helped the market overall, certainly in the north of England where prices are more reasonable.

"It has been a good year. We have seen prices rise, across the board we will expect it to be about 10 per cent and in some areas the percentage increase will have been greater than that.
EXPERTISE David Corrie, managing director of Corrie and Co, with Caroline Metcalfe, centre, from lettings and Lucy Cavendish, chairman of the Holker Group MILTON HAWORTH

"There are various factor driving it; there is the employment side for our area which is fairly unique with the local economy with GSK, BAE and Sellafield.

"We have a continuation of low interest rates with an acknowledgment that the fixed rates that are on offer from the lenders are probably as low as they are ever going to be, and there is evidence from mortgage lenders that they are having to compete to get the money out to borrow.

"There has been a shortage of property coming onto the market so buyers have had less choice. The main part of the market is three and four bedroom semis and detached. Hopefully people thinking of selling will come forward in the new year.

"The feedback is that people are ready to move but they can't find a bigger property and that has a knock on effect on prices.

"Our internet hits are up 25 per cent and we think 2016 is going to be a better year. "

Last week economists declared the only way is up for house prices in 2016. 

Siemens Subsea site in Ulverston Experts tipped property values to lift by between three and six per cent generally across the UK next year, while some regional city hotspots could see stronger price growth.

The continued shortage of homes for buyers to choose from, coupled with strong demand for properties on the back of schemes such as Help to Buy, will keep pushing property values in an upwards direction next year, experts said.

A looming three percentage point stamp duty hike for buy-to-let investors could help get housing market activity off to an early start in 2016, as people rush to beat the deadline.

This could mean aspiring first-time buyers, who often are often looking for properties at the cheaper end of the market which would also appeal to landlords, may increasingly finding themselves competing with investors in the coming weeks.
VISION Plans for a Premier Inn in Ulverston

Office for National Statistics (ONS) figures show that average house prices have already hit a new record high of £287,000 across the UK in October.

Meanwhile, the Royal Institution of Chartered Surveyors (Rics) has reported the supply of new homes on the market falling back to record lows in 2015.

And a recent report compiled by the Centre for Economics and Business Research (Cebr) predicted UK property values will be 50 per cent or around £139,000 higher in 10 years' time than they are now.

Property website Rightmove has already seen house sellers hike their asking prices by nearly £20,000 in 2015 across England and Wales across 2015 - and it expects the average price tag on a property to have gone up by a further £17,000 - or 6 per cent - in a year's time.

Rightmove director Miles Shipside said: "Whilst initiatives are in place to encourage developers to build more new homes to supplement the supply of existing ones coming to market, the lead-times are long and developers face capacity constraints.

OPTIMISM Ulverston estate agent Ralph Spours says the fact a 79-bedroom hotel, a Premier Inn, is on its way to Ulverston shows confidence in the town, which is often symbolised by the Sir John Barrow monument, above, on Hoad MILTON HAWORTH "In the meantime, strong demand is being further fuelled by the additional momentum and aspiration for home ownership that schemes such as Help to Buy create.

"The additional stamp duty for buy-to-let homes in April next year will add an interesting dynamic to the market and may help give some first-time buyers an edge, but with demand in many areas as high as it is, hoping for a cooling of prices could be wishful thinking."

Meanwhile it is said the single most important factor for local communities is the signing of the Successor programme at BAE because that cements 20 years of work for individuals at the company, the supply chain and other people in the area, and brings with it a greater degree of confidence and stability.

Ralph Spours, of Ralph Spours Estate Agent Ulverston, said: "2016 is going to be a fantastic year, the local economy, the regional economy and the national economy are all heading in the right direction and the property market follows exactly in line with that.
POSITIVE Ralph Spours, of Ralph Spours Estate Agent Ulverston, says 2016 is going to be a “fantastic” year MILTON HAWORTH

"Because BAE, GSK, Marl and all the companies in the district are doing famously well, it all bodes well for 2016 and the years to come.

"We have a 79 bedroom hotel coming to Ulverston, now that in itself is an indication of their confidence in the town.

"That is a marvellous credit to the town. Our shops are doing so well, we now have less than five shops empty. We have the most taken up shop properties in Cumbria, it's incredible. Next year we are going to do famously well.

"2015 has seen the upwards trends and the last three to six months have been very reassuring. It's all heading in the right direction. As we would say in my language, it's tickety-boo."