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Property market improving according to Taylor Wimpey

According to Easier Property, Ian Thomson, regional manager for Taylor Wimpey East Scotland, believes that although the last couple of years have been challenging conditions improved considerably in 2009.

He said: “We saw a return to a more stable market, with small incremental house prices rises, more visitors to our developments and an increase in our reservation rate of 37.5% on 2008. We have also seen a real return in consumer confidence, with a much lower cancellation rate in 2009 compared to the previous year.

"Last year certainly saw savvy buyers take advantage of lower house prices, record low interest rates and the wider range of practical and financial assistance schemes on offer both from house builders and the Government.

"Figures out at the start of January painted a positive picture of the property market in 2009. The Bank of England (BoE) reported that the number of mortgage approvals had more than doubled in the previous 12 months and net lending had increased for the third month in a row, both indicators of increased activity in the housing market. The Council of Mortgage Lenders (CML) predicted that net lending on homes would double in the following 12 months from £8bn to £15bn and the number of housing market transactions are also expected to rise. According to Nationwide, average property prices rose by +5.9% in 2009 and the Halifax First Time Buyer Annual Review revealed that home affordability had improved significantly for potential first time buyers over the past year.

"So what does the start of a new decade hold for the UK housing market? According to Nationwide, property prices rose by +1.2% in January, the biggest advance since August. The Centre of Economics and Business Research has also revised up its forecasts for property price growth in 2010 to +6%.

"The availability of competitive mortgage deals in 2010 will be vital for further improvements in housing market conditions and the fact that both Lloyds Banking Group and Santander have announced that a wider range of mortgages with a loan-to-value (LTV) of 90% should become available over the next few months is also good news for buyers.

"Taylor Wimpey has made a good start to 2010. In the east of Scotland 30% of properties scheduled for completion in 2010 were reserved last year, as buyers bought early to take advantage of 2009 prices.

"We are now actively looking for new land for development and already have plans to open four new sites across the east of Scotland in 2010 including Dunbar and Harvieston Farm in Gorebridge.

"Our focus will remain on providing the right homes in the right location as well as the right kind of financial and practical help that our customers need to get on and move up the property ladder in 2010."

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