Home buyers in West Somerset urged to bag a bargain

Somerset County Gazette: KEVIN James, associate partner at Wilkie May and Tuckwood in Minehead. PHOTO: Submitted. KEVIN James, associate partner at Wilkie May and Tuckwood in Minehead. PHOTO: Submitted.

ESTATE agents are encouraging people in West Somerset to buy now before prices soar.

Prices across England rocketed by 8.6% in 2013, according to figures released by Nationwide building society.

West Somerset is yet to see that kind of increase, but estate agents in Minehead say it could just be a matter of time before they do rise.

Kevin James, associate partner at Wilkie May Tuckwood, told the County Gazette: “Certainly now is a good time for people to buy ... if you want to purchase, now is your chance.”

And Kevin Prescott, branch manager at Webbers, said: “We are encouraging people to buy now while houses are still cheap and mortgages are low.”

Kevin James added: “Although the average house price in the UK has continued to increase over the past year, we are yet to see prices rise in West Somerset.

“With increased transactions here which rose approximately 15% from 2012 to 2013, there is a high chance that we will see price rises here in 2014.

“The Government’s Help to Buy schemes have created a much more positive property market as we see the return of first time buyers and an increase in the number of investors.”

Mr James said sales of two and three bedroom properties have been increasing.

He added: “Certainly now is a good time for people to buy, but they should shop around and look into alternatives to get the best deal. If you want to purchase, now is your chance.”

Kevin Prescott, branch manager at Webbers, said the reason house prices were yet to rise as quickly in West Somerset was because they had not dropped as sharply in the first place, because it is largely a retirement area.

He added: “We are encouraging people to buy now while houses are still cheap and while mortgages are low.

“It’s all about confidence and I think confidence is certainly returning.”

Paul Landon from Fox and Sons said: “We had around a 1% increase in house prices in Minehead last year but we had record sales in November and December so I think it’s likely Minehead will be hit by price increases.”

Robert Gardner, chief economist for Nationwide said: “Part of the reason for the acceleration in house price growth is that the supply side of the market has not kept pace with the upturn in demand, even though buyer numbers remain subdued by historic standards.”

The average house price in the South-West is now £195,196, representing an annual rise of 5.7%.

Comments (7)

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4:30pm Thu 9 Jan 14

topcataj says...

Estate agents encouraging people to buy houses, there's a surprise!
Estate agents encouraging people to buy houses, there's a surprise! topcataj
  • Score: 9

6:46pm Thu 9 Jan 14

Roger the cabinboy says...

So these Estate Agent scoundrels have lost no time in frightening potential buyers into panic buying (probably a grubby little property they haven't been able to shift since the last housing crash). Does anyone wonder why we have a boom and bust cycle with words like buy before you can't afford to. What will happen is that with all the rampant 'housing development' which is spreading across the County like a rash, the house prices will probably crash. The amount of local jobs cannot support the level of housing being knocked up.
So these Estate Agent scoundrels have lost no time in frightening potential buyers into panic buying (probably a grubby little property they haven't been able to shift since the last housing crash). Does anyone wonder why we have a boom and bust cycle with words like buy before you can't afford to. What will happen is that with all the rampant 'housing development' which is spreading across the County like a rash, the house prices will probably crash. The amount of local jobs cannot support the level of housing being knocked up. Roger the cabinboy
  • Score: 6

8:58pm Fri 10 Jan 14

david1966 says...

"Now is the right time to buy", err no the right to buy is when you can afford it and not when some grubby man in a suit tells you to. Trying to create their own bubble and make a quick buck before it bursts again when the banks start hiking up the interest rate again, the only person stands to win - well theres a pic of one right there. If you do however feel the need to jump on the ladder/treadmill then always check www.houseprices.co.u
k to see prices are like as that is the true reflection of the market for the area.
"Now is the right time to buy", err no the right to buy is when you can afford it and not when some grubby man in a suit tells you to. Trying to create their own bubble and make a quick buck before it bursts again when the banks start hiking up the interest rate again, the only person stands to win - well theres a pic of one right there. If you do however feel the need to jump on the ladder/treadmill then always check www.houseprices.co.u k to see prices are like as that is the true reflection of the market for the area. david1966
  • Score: 4

11:22pm Fri 10 Jan 14

Little_Owly says...

'Buy now while houses are cheap....' The manager of Webbers must earn a darn site more than the average wage around here if he thinks Taunton houses are cheap. Average house price in Taunton is £216,000. Hmmmm...so cheap I think I will get two. Youngsters these days don't stand a chance. My daughter and partner both work yet can only borrow £108,000 and still need a 20% deposit. With rents of £500-650 how can they even START to save that sort of money, just to be able to afford a shoe-box sized flat. So houses are not CHEAP, they are ridiculously overpriced.
'Buy now while houses are cheap....' The manager of Webbers must earn a darn site more than the average wage around here if he thinks Taunton houses are cheap. Average house price in Taunton is £216,000. Hmmmm...so cheap I think I will get two. Youngsters these days don't stand a chance. My daughter and partner both work yet can only borrow £108,000 and still need a 20% deposit. With rents of £500-650 how can they even START to save that sort of money, just to be able to afford a shoe-box sized flat. So houses are not CHEAP, they are ridiculously overpriced. Little_Owly
  • Score: 9

10:23pm Sat 11 Jan 14

feeby12007 says...

Buying a house should never be described as 'bagging a bargain'. It's a huge responsibility and should never be simplified into something to rush in to.
Buying a house should never be described as 'bagging a bargain'. It's a huge responsibility and should never be simplified into something to rush in to. feeby12007
  • Score: 4

12:58am Sun 12 Jan 14

somersetvoyager says...

When the economy is 'good' you can't afford to buy a house because the prices are so high, but when the economy is bad you can't get a mortgage because nobody will lend the money. So you have to rent. When the economy is good, the rents go up because house prices have gone up. When the economy is bad, rents still go up because nobody can buy. It's greed that drives the whole system. And nobody is more greedy and smug than a besuited estate agent touting for business.
When the economy is 'good' you can't afford to buy a house because the prices are so high, but when the economy is bad you can't get a mortgage because nobody will lend the money. So you have to rent. When the economy is good, the rents go up because house prices have gone up. When the economy is bad, rents still go up because nobody can buy. It's greed that drives the whole system. And nobody is more greedy and smug than a besuited estate agent touting for business. somersetvoyager
  • Score: 3

1:17pm Mon 13 Jan 14

Mi_Coc says...

yeh buy now we rates are low , then rates go up and bingo your income is squeezed and you can't afford the morgage payments either way the estate agents get their comission or repossion to sell on so they are laughing.

Althoough we are in recovery according to radio 4 its mostly people taking cheap finance and buying new cars etc. 90% of audis are on finance so dont be impressed if your neighbour has one cause they haven't paid for it yet.

This is what sent us boom people borrowing money based on the fact their property will go up in value, it seems to me no lesson have been learned. I intend to pay my morgage off not borrow up to my max to have more bigger better stuff! Idea is you pay it off so when olde3r you dotn have to pay rent/morgage.
yeh buy now we rates are low , then rates go up and bingo your income is squeezed and you can't afford the morgage payments either way the estate agents get their comission or repossion to sell on so they are laughing. Althoough we are in recovery according to radio 4 its mostly people taking cheap finance and buying new cars etc. 90% of audis are on finance so dont be impressed if your neighbour has one cause they haven't paid for it yet. This is what sent us boom people borrowing money based on the fact their property will go up in value, it seems to me no lesson have been learned. I intend to pay my morgage off not borrow up to my max to have more bigger better stuff! Idea is you pay it off so when olde3r you dotn have to pay rent/morgage. Mi_Coc
  • Score: 1

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