Housing Market Looking Brighter

Date: Thursday 13 August 2009

We are hearing from a range of sources the good news that the housing market is picking up. Last month the Bank of England and the Council of Mortgage Lenders confirmed a rise in mortgage lending for house purchases, signalling a pick up in buyer activity. According to the Council of Mortgage Lenders (CML) the total amount of UK mortgage lending rose last month to its highest level since December with a 17% increase in advances. The Bank of England and the CML expect lending levels to rise moderately throughout the summer months.

This week Halifax have also published a survey reporting the average price of a house in the UK rising 1.1% in July to £159,623. This is good news, both for people who have a property to sell and are looking to move and for those looking to get on the ladder.

Both the Nationwide Building Society and Royal Institution of Chartered Surveyors are predicting that UK house prices will end the year higher than they started.

Kevin Belsham, our national Sales and Marketing Director, says: “Despite the tough economic conditions our visitor levels show that people are keen to buy, but have been struggling to do so because of a lack of affordable mortgages. This news is a welcome boost to them.”