Pictured above: (l-r) Kelly Davies and Stephen Foden of
Fodens Solicitors
A local firm of property law experts believes that a trio of
recent announcements spell positive news for the housing market in
and around Shropshire.
Much Wenlock-based Fodens Solicitors point to the minutes of the
recent Monetary Policy Committee, as well as the Council of
Mortgage Lenders' latest data, and the National Association of
Estate Agents report on property enquiries as signs that the
Shropshire market is on the up.
"To have such respected bodies all point to positive news for
the housing market is a good thing when taken in isolation, but
when combined, we see an even brighter outlook" explained Stephen
Foden, non-executive chairman of Foden Property and founder of
Fodens Solicitors.
"For the third month, the Monetary Policy committee was split
over whether to increase interest rates, ultimately choosing to
maintain the record low of 0.5%, but more importantly they noted an
unexpected fall in inflation from 4.4% to 4%, with predictions that
this would further reduce in the medium term. And this all means
more money in homeowners' pockets."
"Add to this the news that gross mortgage lending was up 21%
last month compared to February, and it appears that the housing
market is waking slowly from its recent slumber" Stephen added. In
addition, the National Association of Estate Agents has reported a
sharp rise in the number of property enquiries in March, to its
highest point in eight months.
"This is great news" added Stephen. "We have evidence that the
economic outlook is getting brighter, that more money is being lent
in mortgages, and that enquiries about properties on estate agents
books are also sharply up so it's hard to paint a gloomy
picture."
"While I'm not suggesting that this signals the end of what has
been a challenging period for the housing market, it's certainly
true to say that there are green shoots of recovery. This also all
ties in with our own experience at Newport-based Foden Property and
Much Wenlock-based Fodens Solicitors, where we have seen steady but
significant increases in instructions, enquiries, and sales."
Formed in 1999, Fodens Solicitors provides advice in all areas
of law where "property matters", including residential and
commercial property sales and purchase, building construction
disputes and advice, debt recovery, shareholder disputes, and
contested probate claims.