House Prices Show an Increase Nationally of Nearly 10% in This Last Year
The property market is at last on the move again and this time, in a positive direction. Fuelled by the British public’s insatiable demand for home ownership, the typically seasonal rush to move house, lower interest rates, adjusted house prices and evidence of the banks willingness to lend again, more and more buyers are returning to the market.
According to the Nationwide Building Society 29 April 2010, “The price of a typical UK home is now nearly 10% higher than it was a year ago.” And Gary Smith, president of the National Association of Estate Agents, is quoted as saying “spring has finally arrived and brought with it a much-needed boost to the housing market, particularly among sellers. It reflects growing confidence that the recovery is well underway.”
The biggest boost to the housing market so far this year has been the introduction of the two year stamp duty holiday, extended to first time buyers of property up to the value of £250,000. This combined with a stabilized government who are prepared to stand by the commitment, should ensure that more and more first time buyers come in to and shore up the market place. It is them after all, that start the ball rolling for so many others.
HM Revenue & Customs report that sales increased nationally by 22% to 72000 from February to March of this year and that the first quarter of 2010, saw an increase in completed sales of 28% over the same quarter in 2009. Lending criteria are relaxing too; the BBA reports that mortgage approvals are up from 35,276 in February to nearer 39000 in March.
As usual in the property markets, London is leading the way with the majority of its surveyors reporting price rises over the last three months. However, the rates of increase vary significantly from one area to another and there are some areas where prices are still falling.
Global Insight’s chief UK economist is quoted as saying “We suspect prices will be erratic through 2010, particularly as more properties come on to the market, pushing the supply/demand balance towards buyers.” A spokesman for Rightmove is quoted to have said, “A hung parliament could undermine the boost that normally follows a General Election.”
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