Latest sales figures from the housing market suggest the sector has at last reached the bottom and is even experiencing a spring bounce, according to a leading East Yorkshire house builder.

Peter Ward, managing director of Beverley-based Peter Ward Homes and a spokesman for the East Riding House Builders Group, said the recent reports that house prices are once again heading upwards is a clear sign that the market has reached a turning point.

Figures published by the Nationwide Building Society show an increase in prices of 0.9 per cent in March. Coupled with that, the number of house sales has also begun to rise and there are tentative moves by the banks to start lending again.

House-buying figures and enquiries for parts of the East Riding are also showing some very encouraging signs.

Peter added: “Together, these factors suggest the housing market could be starting to turn the corner. For the best part of two years, we have seen people putting house moves on hold until the market became clear. Thousands of first-time buyers, who would normally inject life into the market, have been unable to secure the mortgages needed to get on the housing ladder.

“Many of these people will have to move or buy at some point and there are signs that this is already occurring. We simply cannot continue to build up a backlog of would-be purchasers with nowhere to buy.

“These latest developments are good signs for the market in general and at least we can look forward to the summer with more than a hint of optimism.”

Award-winning Peter Ward Homes, which last year celebrated its 30th anniversary, is currently developing four sites in East Yorkshire and North East Lincolnshire: Captains Close, Goole; Southwood Park, Driffield; Rawsons Green, Hornsea; and Habrough Fields, near Immingham.

Peter said: “Enquiries from potential purchasers at Peter Ward Homes sites totalled more than 300 for the first quarter of the year and we are managing to convert in excess of 10 per cent into reservations and sales. This is further evidence that there is renewed life in the market, especially when the product and the price fits the current economic conditions.”

ENDS

Issued on behalf of Peter Ward Homes by The Public Relations Company, Suite 7, Hesslewood Business Centre, Ferriby Road, Hessle HU13 0LH. For further information contact Mike Stathers on (01482) 647575 or email mike@tprc.co.uk