Rising House Prices Provide a Good Sign that the Housing Market is Improving
Posted on 03/08/2009
It has been quite some time since an increase in prices for houses on the market has been noted. In fact, it has not been since the last month of 2007 that an increase rather than a decrease has been recorded by real estate and financial experts. Prices rose 0.9% in June, reflecting a slow but ever present upward trend.
When looking at the three month rate of change for house prices, it is evident that prices have been slowly increasing since March. If prices had only shown an increase for one month, it might not have meant much. By showing an increase for three months, it would appear that the housing market is set to see longer term improvements. The average price for houses on the market has increased by a little more than £2.000 for the year. At the same time, the rate of decline for the year has decreased by two percent to a rate of 9.3%.
Financial experts, real estate professionals and consumers are reacting positively to the news that the housing market is slowly showing modest signs of improvement. The housing market might not remain in a slump as anticipated earlier in the year.
House prices are not the only thing on the raise. Members of the National Association of Estate Agents have noticed more houses are being listed on the market. Some statistics show an increase of at least ten percent which is good news for anyone who wants to buy, sell or buy to let real estate properties.
In time, the number of mortgages being approved for homebuyers will increase as the housing industry continues to move forward. It might take some time for drastic improvements in the housing industry to be seen. It appears, however, that people are more hopeful thane ever that things will not only improve but improve greatly over the next several months.
Want to make more sense of the current financial events affecting the property markets? Get in touch with a Clear Lets representative for a free consultation.