There’s a buzz at the lower end of the East London market

Chas Everitt International CEO Berry Everitt, centre, congratulates Clinton Krouse, right, on the opening of the group’s second franchise office in East London. Looking on is Colin Kuhlmann, owner of the other Chas Everitt franchise in the city.

There’s lots of action right now in the East London property market, and especially in the lower-priced sectors.

That’s the word from Clinton Krouse, owner of the second Chas Everitt International franchise in the city, who says homes priced at between R500 000 and R850 000 are selling particularly well to eager buyers.

“There has been a definite increase in demand in recent months, reflecting the improved fortunes of the motor industry which is the mainstay of the local economy. We have also seen business improve in the East London IDZ.

“However, most salaries here are not high, so the majority of potential buyers have limited affordability. In addition, the recession has made consumers extremely cautious and determined to secure good value for their money when they do buy.”

Nevertheless, he says, the market has been helped by the introduction by some banks of special home loan products for first-time and for lower-income buyers, and by declining interest rates.

“Sales are definitely up on this time last year and we anticipate continued growth, especially as current pricing still offers excellent opportunities for investors as well as homebuyers.”

The new office, which was officially opened this month, is located in Greenfields south of the Buffalo River but serves all areas of the city to take up the additional market demand now and expand on the success of the original Chas Everitt franchise in East London.

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