Has the property market improved?
There is certainly mixed news and different forms of house data going around at the moment. Previously everything was in the doldrums and most figures and sets of data were negative. Nowadays, there does appear to be some green shoots showing through, for example London property prices are supposedly up 6% year on year however other data shows that prices across the UK are on average down year on year. So what’s the truth and what can we expect?
Right Move data is often misleading
If we look at recent data from Right Move they show that asking prices rose just over 2% during March 2012. This is all good and well and shows added confidence from sellers, however, asking prices are just that at the end of the day and it would be more helpful to see a truer reflection of actual sold prices. Also, Right Moves’ data is often fanciful as it is only a measure of the asking prices for newly listed homes. We often find that sellers overvalue their homes at the start of a listing, only to lower it later. For many who wish to sell their house quickly particularly in the north this information and the prospect of actually raising the asking price will seem far fetched.
Will this help me to sell my house quickly?
As we have discussed before it is the lenders who hold the key to growth in the property market. Until they start freely lending again the market will probably remain subdued. For this reason lets take a look at the mortgage approval data. In the good old days back in February 2008 mortgage approvals stood at around 38,500, at the same time last year this figure stood dramatically lower at 26,000. Today’s figures show a slight increase whereby February’s mortgage approvals stood at around 29,000. In summary we can say that we are starting to show a rise and this may help those who wish to sell their house quickly. However, the near future still seems uncertain and any looming news involving Europe or Greece could really rock the boat.
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