First-time buyers back in Lancs market
First-time buyers have returned to Lancashire's property market, according to a local expert.
Simon Ainsworth, head of residential property at Preston-based Napthens Solicitors, has said it had seen a rising number of new instructions as people look to take advantage of falling house prices.
It follows the latest study by leading lender Nationwide which showed house prices rose 1.2% from April to May with property website Hometrack saying they remained static.
Mr Ainsworth said: "It is a little too soon to suggest we are seeing an upturn in the market, but these reports are definitely a positive sign for the residential property industry.
"Lancashire has suffered in the same way as every other area, with first time buyers being priced out of the market, and many investors putting their plans on hold until prices hit rock bottom.
"However, the lower prices we have seen recently have meant new and young buyers are able to begin buying property again, and the lenders have also become more active in the mortgage market.
"It may be that prices begin to creep up again during the summer, which could mean we could see a flurry of purchases as buyers attempt to grab a bargain while they can."
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Weather for Preston
Wednesday 23 May 2012
Today
Cloudy
Temperature: 11 C to 15 C
Wind Speed: 15 mph
Wind direction: North west
Tomorrow
Sunny spells
Temperature: 14 C to 19 C
Wind Speed: 10 mph
Wind direction: North west
