Further Evidence of Housing Market Recovery
Jonathan Waters, owner and managing director of Ipswich / Clacton on Sea estate agents
Jonathan Waters, is pleased to see further evidence released this week of a recovery in
the housing market.
This comes on the back of Halifax's front page news during February of house prices up and
is a monthly report released by Nationwide Building Society.
This showed as of 2nd April 2009 that house prices had increased by 0.9% in March and that
furthermore house purchase activity has reached it's highest level since May 2008.
These figures were certainly mirrored by activity within our offices, said a delighted
Jonathan, where we have had yet again very busy months.
March saw the highest number of properties being viewed within a month between our Ipswich
branches for at least 18 months and the number of enquiries from new purchasers continues
to be higher.
Any property that is sensibly priced, particularly at the cheaper end of the market, is
having considerable interest taken in it. A good example was a three bedroom detached
bungalow that came onto the market this week in the east Ipswich area and within 48 hours
of placing it on the market we had obtained 5 people wanting to view. That sort of
activity was unheard of in the summer of last year, said Jonathan.
Nationwide's chief economist Fionnuala Earley was cautious to underline the fact that
while these were welcome signals of market improvement it was too early to talk of a house
price recovery.
The Bank of England has already taken strong measures to ease the tensions in economic and
financial markets by cutting rates, it will take time for these to work through into the
housing marketing before we can expect a sustained recovery in house prices, reported Ms
Earley.
Jonathan however was more upbeat to confirm that we have now had three months of solid
renewed activity and, in 21 years of being in the business, had not seen a quarterly
period of activity at this level which was not then sustained. Had it been just one month
then it might be a different matter, but clearly properties at the cheaper of the price
range are now being approached by competing buyers.
Jonathan said that any two or three bedroom houses up to £125,000 would obtain interest
almost immediately.
The monthly index from quarter one in 1993 shows that property prices at March 2009 were
301.5% higher in price than in that quarter.
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