Good news! Property prices increased by 0.
9% last month and mortgage approvals rose to 37,937 in February, the highest since May 2008.
Whilst this appears to be the end of the property downturn you need to look at the overall picture.
Property prices have fallen a colossal 4.
2% in only the last 4 months and the housing market activity still remains extremely low.
Poor underlying economic conditions coupled with high unemployment are going to lead to an extremely volatile housing market.
Although mortgage approvals are up mortgage activity is still well down on anything experienced in past recessions.
On a positive note maybe we are over the worst.
A recent survey by unbiased.
co.
uk uncovered what the British public is thinking about house prices at the moment: *58% of those surveyed said they did not expect a recovery in house prices this year, and a third of this group (18% of the overall population) saw no prospect of an upturn until at least 2011.
*The research found that 28% of people in Britain were interested in buying a property.
However, a quarter of these prospective buyers (7% of the adult population or more than 3m people) were holding off looking at properties until prices had fallen even further.
The general opinion is that there will be a further drop in house prices, which is making first time buyers hesitate.
Those who are entering the housing market are looking at negotiating at least 15% reduction on the asking price.
It is firmly a buyers market at the moment and those who are looking to sell there house fast are having to accept a low offer for their house.
For those who want to avoid repossession the open market is precarious with more and more house sales falling through.
Here at Rapid Home Solutions you can achieve a quick house sale without the stress and worry that the buyer will pull out.
We cash buy houses and in doing so achieve a fast property sale.
9% last month and mortgage approvals rose to 37,937 in February, the highest since May 2008.
Whilst this appears to be the end of the property downturn you need to look at the overall picture.
Property prices have fallen a colossal 4.
2% in only the last 4 months and the housing market activity still remains extremely low.
Poor underlying economic conditions coupled with high unemployment are going to lead to an extremely volatile housing market.
Although mortgage approvals are up mortgage activity is still well down on anything experienced in past recessions.
On a positive note maybe we are over the worst.
A recent survey by unbiased.
co.
uk uncovered what the British public is thinking about house prices at the moment: *58% of those surveyed said they did not expect a recovery in house prices this year, and a third of this group (18% of the overall population) saw no prospect of an upturn until at least 2011.
*The research found that 28% of people in Britain were interested in buying a property.
However, a quarter of these prospective buyers (7% of the adult population or more than 3m people) were holding off looking at properties until prices had fallen even further.
The general opinion is that there will be a further drop in house prices, which is making first time buyers hesitate.
Those who are entering the housing market are looking at negotiating at least 15% reduction on the asking price.
It is firmly a buyers market at the moment and those who are looking to sell there house fast are having to accept a low offer for their house.
For those who want to avoid repossession the open market is precarious with more and more house sales falling through.
Here at Rapid Home Solutions you can achieve a quick house sale without the stress and worry that the buyer will pull out.
We cash buy houses and in doing so achieve a fast property sale.