The news from the housing industry is that their sector is starting to make a recovery. The housing market have reported an 18 month rise in house prices, and the average amount of homes being sold are double what they were in August 2008. News from the council of mortgage lenders is that some of the banks are increasing the amount of buyers they give their mortgages to by 36%. But the numbers of people getting a mortgage still aren’t as high as they once were, with buyers being weary of the housing market at the minute. Figures also show that house prices have stopped falling and are now very slowly starting to rise again. House prices have seen a 2.5 % each month for four months straight. It may be worth considering whether to buy that house now rather than waiting with the prices on the market still being lower than what they were before the ‘credit crunch’.
Is this really that good news? Its a double edged sword for buyers, your more likely to get a mortgage, but the price of your home wont be as cheap as it wouldve been at the start of the year. For people interested in selling their home it could be worth waiting another couple of months to see if the prices continue to rise. Either way its the estate agents that win, not only will more people be getting mortgages, they will be getting it at increased prices again and will have more houses to sell. Before we entered the recession first time buyers were complaining that properties were overpriced, and now were into a recession its the sellers who are complaining about the fall of the prices- you just cant please everyone?
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