June house prices rise by 0.9%

July 10th, 2009 by admin · No Comments

House prices in UK rise for 3 months out of the last four months.

The property prices in UK have risen by 0.9% in the month of June. This is the first time since September 2008 that the property prices have shown an increase for 3 months consecutively. This is yet another positive indication in the UK property market.

Although a sustained recovery is still far, this is the latest in a streak of positive indicators in the British property industry.

The annual rate in property prices is still in the negative as the previous months falls in property prices may take some time to recover. However with the increase in property prices in June, the overall annual decline has now been reduced to 9.3% only.

At the same time, with this increase in June, the average price of a property in UK has increases from £154,016 to £156,442.

According to property analysts in UK, the property prices have now improved for 3 months out of four and this definitely points towards an improving property industry.

According to the Bank of England the mortgage approvals have also improved slightly while remortgaging has remained very low.
While it is encouraging to see property prices are not falling steeply any more, there is still along way to go before a market recovery as a whole is possible.

All in all homebuyers as well property investors are pleased with the recent results. Any sign of stabilisation in the property industry is a welcome surprise. Any improvements in the property market did not seem possible a few months ago while now we are looking forward to further improvements in the coming months.
Property analysts in UK believe that there is still along way to go. Nevertheless any positive news or growth is a cause of celebration.

There are also improvements in the number of properties available in the market. It is reported that estate agents now have more properties on their books. This is good news for buyers as the market can be seen to stabilise.

Job losses in the property industry is still present however and more losses are predicted in the coming months as estate agents and established property businesses take steps to become more efficient and cut costs wherever possible. In addition, it is expected that interest rates may rise in future.