Piggybank News

April 22, 2009

House Prices increase for the first time in 18 months

Filed under: Property — nspresources @ 9:29 am
Tags: , , , , ,

It looks like the early spring sunshine has begun to disperse some of the doom and gloom surrounding the UK property market 🙂   Average house prices increased in March for the first time since October 2007 bringing the cost up to £150, 946, an increase of 0.9%.

Commenting on the figures Fionnuala Earley, Nationwide’s Chief Economist, said:  “Spring brought a surprise bounce to house prices in March. ……  However it will take time for these (measures taken by the Bank of England) to work through into the housing market before we can expect a sustained recovery in house prices.”
j0283695Piggy says “Mortgage approvals have also increased which is probably a fact of more significance to the average home buyer or property investor.(February saw the number of monthly approvals increase to 37,900, its highest level since May 2008.)  However most authorities agree that it is still too soon to say that the market has stabilised and lending criteria continue to be extremely strict.”

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