Steadily improving market
Various recent surveys have continued to underline the very slow but steadily improving housing market, reports Andrew Oulsnam, Managing Partner of Robert Oulsnam & Company.
The two leading mortgage lenders The Nationwide and The Halifax have indicated either very nominal increases in prices or very nominal falls which would seem to indicate that prices have at last stopped falling and we should be through to a more sustainable period where prices remain the same for some time.
The improvement in the market has been brought about it would seem by a number of factors including not least realistic pricing with sellers accepting that prices have indeed fallen in excessive of 20% and that if the property has been put on the market at the right price there is a very good chance a purchaser can be found. Against this there has been a clear reduction in the number of properties coming onto the market which is now more in balance with the number of people looking.
The June survey by the RICS provided further evidence that activity in the housing market is recovering albeit from historic lows. New buyer enquiries have increased for eight months in a row and the net price balance seeing an increase rather than a decrease in buyer interest, the clients best level for several years.
Commenting, Andrew Oulsnam said that this is very much the case for all the areas covered by Robert Oulsnam & Company and we had seen a steady improvement each month this year so far although the top end of the market is somewhat weaker. It is likely this slow and steady improvement will continue this year although we are unlikely to see noticeable price rises until next year at the earliest.