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East Lancashire house price slump starting to slow
THE house price slump in Blackburn, and across East Lancashire, may finally be slowing, according to government figures.
The Office for National Statistics (ONS) published data showing house prices in the UK, in the year to June, rose by 3.1per cent, and by 3.3per cent in England.
The Land Registry’s detailed breakdown showed that in the North West, house prices fell by 2.7per cent in the past year.
This compares to the 2012 figures which were 2.3per cent over the previous year.
The Lancashire County Council area bucked the regional trend as the 2011/2012 fall in prices of 4.3per cent more than halved to a drop of just 2per cent in 2012/2013.
In Blackburn with Darwen, the picture was even better, with a 4per cent drop in 2011/2102 reduced to 3.6per cent in 2012/ 2013, and no fall at all in June.
In October last year, the borough was reeling from a 26.2per cent drop in the value of homes over five years.
The national figures show there has been an accelerated take-up of the government's Help to Buy Scheme.
Craig Pickles, from Proctor’s Estate Agents, in Blackburn said: “Prices in the town, and the surrounding area, have certainly stabilised.
“There has been more activity.
“Investors seem to have realised that there is some very affordable prop- erty here, with good rent-al values and have been coming to the borough to buy.
“There is some movement upwards at the lower end of the market.
“The main thing appears to be shortage of finance from lenders, putting people who want to buy off.
“We hope that after Christmas, changes in the ‘Help to Buy’ scheme for older properties will provide people with the money they need to move things on further.
“Once people see their friends, workmates and family starting to buy and move, it’s infectious and they want to do the same.
“We hope that this will help start the market to move with first-time buy-ers Borough housing chief Yusuf Jan-Virmani said: “I am delighted that, at last, the slump may have started to improve and we might start to see mov-ement within our hous-ing market in Blackburn with Darwen.”
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