Cadman Homes Estate Agents in Rugby have provided a report that demonstrates the strength of the property market recovery, and in particular the news that the “negative equity” trap that snared borrowers who bought their first home just before the credit crunch has all but disappeared.
The firm is reporting a great demand for properties, but also a shortage of homes coming to the market.
Cadman Homes says that less than 1 per cent of buyers are trapped in London, the south-east, south-west and east of England, and figures are low in Wales, Scotland and the Midlands, too. “We are seeing more and more people being mobilised to sell that were trapped even up to one year ago,” said Adam McHenry of the family-owned firm, in Castle Street Rugby.
“We are currently seeing 2.5 offers for every property, this means that we need nearly three houses for every one on our books.”
Cadman Homes are preparing to celebrate their 6th birthday in May and the firm says it has some exciting projects to roll out over the next few months.
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