Estate Agents Witness Improvement in UK Property Market for few months in a row

April 30th, 2009 by admin · No Comments

After more than a year of continuous downward trend n the UK property market, it looks like there is finally some reason to celebrate. After a long time market data on UK property has shown a slight improvement. The number of homes sold by estate agents reached its highest level in over a year. Latest market research for the UK property market has shown that the property market in UK is showing improvements.

Thins in the UK property market have been bad lately. On an average Estate agents made 8.43 sales each during march 2009. This happens to be the highest number since last year November 2007. Property investors in UK will be thrilled to know that this is the third month in a row that has shpwn an improvement in property sales in UK. The property sales levels have risen for a third month in a row which is promising.

According to UK Property experts, this improvement suggests that there in an increased interest from potential property buyers. This improved interest has been seen since the beginning of the year and is now translating into increased property sales.

There was also an improvement in the number of property buyers registered with estate agents. The number of home buyers registered with estate agents has increased by almost 12% during the month.
The average estate agent had 268 potential buyers on their record during the month. This is also the highest level since January last year. Property experts in UK believe that thus suggests that buyers are now thinking that this could be the beginning towards the end of the property gloom in UK. Although it may be early to predict this just yet.

First-time buyers continued to account for nearly one in four homes that were sold. While almost 23% of purchases made by people buying their first home. This is similar to the data on the previous two months.

The recent improvement in the UK property market follows on form recent improvements that have been witnessed by the property market in recent months. The Council of Mortgage Lenders has further added that lending has also risen in this period. Total mortgage lending for properties in UK had risen by 16% during March. The number of properties in UK changing hands soared by 40% during the month.
There is a rise in buyer interest during the past five months and this had begun to translate into higher sales in March.

According to leading Property website Rightmove, there has been a rise in the asking price of properties in UK for the past three months now. Nationwide has further surprised the market by saying house prices rose by 0.9% during March, although Halifax reported a 1.9% fall for the same period.

However, it may still be too early to predict the end of the housing crisis UK. According to property experts the overall recovery of UK’S property market is still a long way away due to rising unemployment and continuing problems in the economy. The overall economy is still receding and this is likely to affect the property market the most. While full recovery may still be some time away, the recent improvements over the last few months continuously are still a reason to celebrate.