At last house prices are up!

Well that wasn’t a headline Joyce expected to see - after all the doom and gloom of the previous year it looks like things may finally be on the up!

Daily Express Friday, 6th February 2009

House prices increased by more than £3,000 last month – their biggest rise for two years.

Surprisingly for 1.9% follows 10 consecutive monthly falls which have wiped about £33,000 off the value of the average 3 bed semi, according to Britain’s biggest mortgage lender, Halifax.

There was further good news for home owners after Halifax, alongside three other major lenders, immediately slashed their standard variable rate mortgages following yesterday’s Bank of England interest rate cut to 1%.

The increase was described as “completely unexpected and somewhat incredible”.

The figures also follow a report from the Bank of England last month that mortgage approvals for home purchases rose by 15% in December.  Peter Bolton-King, Chief Executive of the National Association of Estate Agents said this does suggest that those infamous green shoots of recovery may not be as far off as first thought.

Jonathan Waters, Managing Director of estate agents with two offices in Ipswich, commented on reports that 23% of people registering with estate agents are first time buyers compared to only 10% in December.

Jonathan confirmed that he had had his busiest December and certainly busiest ever start to a year for January and that indeed a considerable increase in first time buyers registering had been seen.

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