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The Housing Market Is Starting to Recover
By Billy | December 29, 2009
Reports from the housing sector is that the area is starting to pull out of the recession. 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%. Though buyers are still being weary of the market, with the numbers still not back to the level they were. The numbers are showing that prices have done a complete 180 and are now on the rise. The prices of homes have risen for the 4th month in a row, going up two percent each month. Prices are still lower than what they were before the recession, so it might be better to try buying that house now before prices go back up.
Is this really that good news? If your a first time buyer, it varies -you new house in not going to cost more than it did a couple of months ago, but your more likely to get a loan from the banks. 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 the recession people were complaining that house were overpriced, and now in the middle of it we were hearing complaints about the fall of house prices -no pleasing some people is there?
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Topics: Real Estate Buying |
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