Are we yet to see the best from the housing market
As we edged our way into 2010 the housing market threw up yet more positive signs, with mortgage lenders approval rate rising. Also the amount of people looking for a mortgage rose at the end of the year from the low point seen in the summer. This has increased prospects and housing prices across the UK as a result of the new demand.
One of the more positive signs for the UK property market is that the number of lenders that were demanding a 25% deposit of mortgages has seen a significant drop. This has reopened the possibilities for first time buyers, which were perhaps the worst affected. The Bank of England has also said that they expect to continue to see this sort of improvements across the UK, although they have warned that the increase in house prices may not continue to rise as they currently are.
This year will see an increase in the number of properties available to buy on the market as those looking to sell will now place their property on the market. This will have a butterfly effect on the rest of the market. As more people look to sell more people will be looking to buy, which may be the boost the economy needs.
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January 15th 2010