| Housing Market back on track? Tell me I'm wrong... | | | | per cent increase in the number of people registering |
| but I am getting strong vibes that there's significant | | | | their interest to buy a property in the first two |
| movement in the housing market. At Callaways in | | | | weeks of this year compared to 12 months ago. |
| Brighton Hove, our Estate Agency division, we are | | | | Expert Economic Theory |
| seeing a large increase in enquiries, many of which | | | | I was delighted to pick up my local paper and read |
| are in a position to proceed. To back this up, there | | | | that some expert opinion states the property market |
| also appears to be some positive press claiming that | | | | in the UK could recover as quickly as it declined. This |
| levels of interest in the housing market are | | | | theory is based on the key factor being interest |
| "recovered significantly" and that the market could | | | | rates and the necessity of the drop being passed on |
| bounce back as quickly as it declined. Good news all | | | | to borrowers. |
| round; lets hope this is the case. Maybe consumer | | | | The National Association of Estate Agents believes |
| confidence is down to the fact investors believe that | | | | that this year, may herald the start of house prices |
| the market has bottomed out and this is the time to | | | | bouncing back. Chief Executive, Peter Bolton |
| start buying again. All we need is for the banks to | | | | commented that the sharp drop in prices was |
| start lending again, so why is the Government not | | | | unprecedented and it is possible that once the |
| putting on more pressure? | | | | recovery starts it could be as pronounced as the fall. |
| News provider Adfero states... David Adams, head of | | | | He claims three things are needed to return the |
| residential at Chesterton Humberts, has claimed that | | | | property sector to its 2007 strength, an important |
| offer and viewing figures are "well up" on last year's | | | | factor in this is the lenders making finance available to |
| figures, as many buyers have realised they can "buy | | | | first time buyers. He also called for a further drop in |
| well and at low interest rates". However, he added | | | | interest rates by the Bank of England's monetary |
| that a key issue which is preventing people from | | | | policy committee. Finally he states that consumers |
| entering the market is the current lack of finance. Mr | | | | need to regain their confidence in the ailing market. |
| Adams explained: "The high level of viewing activity, | | | | The news that Nationwide Building Society will not |
| offers and agreed offers are not translating into | | | | pass on any further rate cuts to the Bank of England |
| sales because the banks, which have traditionally | | | | base rate to customers who have a tracker |
| supplied the necessary funding, are unable to lend." | | | | mortgage is not likely to inspire the confidence |
| The expert concluded that domestic lenders, including | | | | needed in the property market. This goes against |
| the government-owned Northern Rock, should fill the | | | | Government recommendations and Chancellor Alistair |
| "enormous funding gap" which is developing. Haart | | | | Darling's calls for lenders to pass on rate cuts. |
| estate agents recently claimed that it recorded a 54 | | | | |