57 House
57 House
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Springing Forward to a Welcome Rise in House Sales
As spring approaches, there's more than just the promise of some warmer days as property sales are finally heating up. There's been a rise in the number of house sales across the UK in February, with more than 4,000 homes over January's totals that sit in the £40,000+ bracket. The rise saw sales figures reach 57,000 according to the HM Revenue and Customs (HMRC) which falls in line with reports from the British Bankers' Association (BBA) that there is also a rise in the number of new mortgages that have been agreed. While year-on-year figures showed that mortgage approvals were down on the 2010 total by 11%, the volume of new mortgages being passed was encouraging with 29,923 approved for the month of February.
The beginning of March also saw a rise of 0.8% in house prices, according to property website Rightmove, who stated that the average home price was up on last year's total and now resides at approximately £231,790.
The online property resource confirmed that first-time buyers and terraced properties were the worst affected by the housing market downturn due to the current want for larger deposits and the number of terraced houses coming on to the market has taken a severe dive.
However, while the volume of properties available is still struggling to get back to their 2007 numbers, which was over a quarter higher than current figures, the number of new listings reported by Rightmove is up by 5% and the average duration in which a property sells has fallen by an encouraging 9 days from 98 to 89. Miles Shipside, Director of Rightmove stated, "The spring bounce in buyer interest and slight pick-up in supply of fresh stock suggest that renewed activity in some sectors of the property market is managing to outweigh the impact of economic uncertainty and lack of mortgage funding.
"New kid on the block Property Advice Blog has finally moved in and looks set to be hot ‘property' as the way forward in communicating property news and related services.
An all encompassing resource, Property Advice Blog is a leading online property portal that is designed to involve anyone keenly associated with the property market and inform anyone wishing to join it, about the various aspects contained and the many services on offer. With simple guides on common features, links to useful sites, a mortgage calculator and price comparisons on a variety of conveyancing services, home insurance and mortgage products; Property Advice Blog will be a ‘one stop shop for all your property knowhow."
About the Author
Kieron Bolton, Director of propertyadviceblog.com invites you to visit our website to find UK Mortgage Brokers who can offer today's Best Buy mortgage products at the lowest possible rates. You can also compare over 5000 Conveyancing Solicitors and hundreds of Home Insurance providers. By visiting our site you'll receive a FREE copy of 'The Essential Property Ebook" together with Free impartial property Advice for all your property and real estate needs.
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