Its improving but there is still a long and rocky road to recovery.
There have been some clear signs that the outlook for the property market is improving. Confidence in the housing market is at its highest since the end of 2007 and this is beginning to translate into higher mortgage approval levels and transactions. With house prices now more affordable and interest rates so low for those with large deposits, buyers are champing at the bit to take advantage of the market and realistically priced properties are being snapped up. But although conditions are gradually improving, unemployment and worries over the state of the economy will continue to affect buyer and lender behaviour and we can expect it to be a long and rocky road to recovery.
Sales in April and May edged up a little further, albeit from historically low levels, while the net balance of surveyors reporting a rise in new buyer enquiries climbed to the highest figure for almost a decade, according to RICS’ UK housing market survey. New enquiries in the market increased for the sixth consecutive month. The balance of surveyors reporting increased buyer interest is the second highest figure recorded since the series began. 70% more chartered surveyors reported a rise than a fall in new buyer enquires, up from 63% in March.