UK Housing market, on the up?
“The number of new mortgages for home purchases rose in July for the first time in over two years.
Data released today by the Council of Mortgage Lenders (CML) show the first annual growth in lending to home buyers since early 2007.
A total of 56,000 homebuyer mortgages went through in July – a rise of 19 per cent on a year ago and 24 per cent on June.” – Source: The Times
We have seen a pick up in the housing market over the past few months and a pick up in some sectors of the economy but due to supply and demand the housing market is the strongest sector and most likely to bounce back. Some people claim it is just a blip on the continued downward spiral but I am currently house hunting and that does not seem the case to me as I can’t find any bargains! Prices in my area (Surrey) have increased since last year and the year before.
Obviously this could be a blip but do you want to take the chance and miss out if it isn’t?? Thats what most people did after the last recession… Only time will tell, but I for one, will be snapping up any bargains I see from now on.