Property sales show signs of life
April 16, 2009 by Brendan
News
Property sales figures are big news in the media this week as released figures from the Royal Institution of Chartered Surveyors (RICS) has shown that the number of enquiries from new homebuyers rose for the fifth month in a row and at the fastest rate for almost six years.
Subsequently, this increase has meant a slight rise in the number of sales and hopes are high that this could be a stronger signal than previously that the falling house prices are at an end.
Further figures from the Council of Mortgage Lenders (CML) seem to back this theory up as they show a rise of 4 per cent in the mortgage approval figures from January to February this year. This is still significantly lower that last year, however, again could be an additional sign.
Ian Perry, a spokesman for the RICS, said: “Buyer interest is starting to gain momentum but will remain frustrated while mortgage finance is scarce. Accessibility for first-time buyers is likely to remain difficult.”
This increase in the number of homebuyer enquiries has yet to be matched by an increase in the number of properties coming onto the market so the restriction in supply is likely to help stabilise property prices.
Mortgage advisors everywhere and those completing CeMAP training courses will be pleased to hear the figures.
Written by
Brendan
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