» Housing market may be on the rise

Encouraging figures for sales reported

Article Published: 5th March 2009

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Figures released from Hometrack, a housing data group, have revealed that although there are signs of recovery in the housing market, the price achieved is much lower than the original asking price. It suggests that the price agreed on the average property is only 88 per cent of the original asking price.

The number of new buyers registering an interest in buying a property has increased by 17 percent during February. Overall agreed sales have increased in total for this February by 36 per cent after months of falling sales figures.

The figures reveal that the demand for homes in London, the South East and South Wales were the strongest. This would suggest that there are plenty of buyers waiting for the prices to come down further and with homes correctly priced for the current market going under offer very quickly.

Nationwide have also released figures that show a downward move of 17.6 per cent for the past year to the end of February and shows a decline of around £31,000 on the average property value over the past 12 months. The Land Registry figure shows a drop of 15 per cent over the past 12 months to January.