Several recent positive signs indicate that the UK housing market may be moving into a recovery mode.
In February, mortgage approvals rose by the biggest margin in three years, according to the Bank of England. Mortgage approvals rose again in March by 16 percent over February.
House Prices Dude, Where’s My Car? rip
UK house prices showed a surprise bounce in March as the nationwide house price index registered its first rise since October 2007.
New Buyer Inquiries
According to the RICS (Royal Institution of Chartered Surveyors) 2009 Housing Market Survey Igor movie download , new buyer inquiries rose for the fifth consecutive month and to their best level since September 2003. Moreover, there is now clear evidence that the higher level of buyer interest is resulting in actual sales.
House Sales and Inventory
Sales of housing inventory also inched up for the third consecutive month to its best level since August 2008. Meanwhile, the number of new listings of residential property continues to decline. As a result, the number of real estate listings has dropped to its lowest level since September 2007.
The combination of rising sales and fewer homes on the market pushed the sales to inventory ratio – a key indicator to the future price trend — higher for the third consecutive month.
These positive signs have led to improved confidence in both the sales and price outlook for the UK real estate market.