House Prices and Demand Increase in Lancashire, UK

The latest house price figures released officially in Great Britain suggest, as we have already reported, that property values have increased the biggest in 5 years. It is also being said that UK estate agents’ sales have grown significantly, which fact even makes them hire additional staff to cope with the turnover. In the light of the above-mentioned facts, let us examine house prices in certain Lancashire towns. Figures show that property values in Blackpool increased by 5.3% in the time period from April to June 2009; the town was followed by Wyre (4.6% increase) and Fylde (2.7% increase). These towns also witnessed a rise is property sales. More than 360 were sold in Blackpool in three months alone – a 25% increase from last quarter’s figure of 271. An average of 250 and 230 properties were sold in Wyre and Fylde accordingly. It is even more important that the majority of these sold properties were purchased by first-time buyers, regional estate agents claim. One of the local estate agents, Mr. Kevin Allitt of Oyston's Estate Agents, says that the number of houses sold this summer is almost double the number sold this time last year. He also added the company recruited many new employees as it was unable to cope with customer demand. In the opinion of Mr. Allitt, all of this suggests the British – or at least, Lancashire, property market is recovering from its disastrous state. Oyston Estate Agents say that those are not only cheap properties that are in high demand; sales of expensive houses are also growing, which fact is being proven by a recent sale of a £350,000 house by the company. At the moment, an average Blackpool property is being priced at £109,987, whereas Wyre and Fylde property asking prices are £161,083 and £190,208 respectively. Despite all the good news, Land Registry figures suggest that Lancashire house prices are still 15% lower than in 2008.