In the last quarter of 2009 into 2010, UK house prices started to recover some of the losses of the last year. Now, 2010 looks a definite improvement on last year for sellers.
In the past few months buyers are being offered a wider choice of mortgages from lenders. With fewer properties for sale buyers are returning to a seriously depleted market.
Due to the low supply of properties available, house prices have been pushed up by 10% in the last year. In 2010 house prices are forecast to rise again by 5%, say the Centre for Economics and Business Research.
One key indicator to encourage sellers at present is the number of abortive sales (house sales that fall through) being virtually zero. With comparatively little property on the market buyers are 100% committed. Also prices have recovered up to 10% on last year. ludlowthompson estate agency is now achieving ‘sales asking price’ and in some cases more.
Indeed, the current housing market is looking healthier than predicted, catching many industry experts by surprise. With more mortgage lending, lower interest rates and lower unemployment than estimated conditions for buyers and sellers have improved.
As the balance of property supply and buyers evens out, the rate of house price growth will likely slow through 2010.