CONFIDENCE in the local property market has led to two firms opening new offices in Bury St Edmunds.
Independent advisers and mortgage arrangers, The Mortgage Bureau, officially opened in High Baxter Street on Tuesday.
And Hayward Moon Property Lawyers has expanded its business with the opening of an office in Whiting Street – it specialises in conveyancing.
Mark Hayward and Nick Moon founded the firm in 2006 in Ipswich. Both had worked for solicitors firms since the mid 1980s.
Despite the economic slump, tougher lending criteria and the grinding halt of house building, the firm has managed to grow and now employs nine people.
Mr Moon will now head up the Bury office with the support of residential conveyancer Marie Benfield.
“One of the prime reasons for the move to Bury is we wanted to expand our business and believe there is confidence in the local market to do so,” said Mr Moon.
He said although it was still essential to have a decent deposit and good credit rating in order to get a mortgage, there was evidence that some lenders were now accepting smaller deposits of around 10-15 per cent instead of an industry average of 20 per cent.
The Mortgage Bureau, meanwhile, is celebrating its 21st year with its opening in Bury. It is the fifth office for the East Anglia-based company.
Shaun Calvert, owner of The Mortgage Bureau in Bury, said: “Our research shows that Bury is a bit of an island – whereas everybody else has experienced a drop in property values, that didn’t really happen in Bury. It has held its head above water.
“It is a nice town, it has a very good reputation and is an area in which people want to live. It has never really felt the same effects as even other parts of Suffolk.”
He said mortgages were still available but ‘deposit is king’ when it comes to first-time buyers.
“We are getting lots of inquiries on buy to lets and people wanting to remortgage as they come to the end of hefty fixed deals,” he added.
Visit www.themortgage bureau.co.uk and www.haywardmoon.co.uk