Gazette Articals
Have we turned the corner at last?
Well, the indications are certainly indicating that we may have. The National Association of Estate agents have reported that their members are reporting strong sales despite a lack of available property, with up to four house hunters for every house on the market, and they are also reporting an increase of properties coming to market in the region of ten per cent.
Both the Nationwide and the Halifax have reported an increase in house values for a third month in a row. Most institutions will see this as a turnaround in the housing market, personally I think that although it is encouraging, this is the season for positivity in the housing market, and it would be a more accurate indicator should the increases continue into the autumn and winter. Talking of the autumn, it is believed that this time of year is when the lenders will begin to relax the criteria on their lending policies, thus making more money available to the mortgage market, and making it easier to borrow money. Whether this will indeed happen remains to be seen, Although any relaxation will be welcome I am sure they will still be erring on the side of caution and we will not be seeing the return of the one hundred per cent mortgage for some considerable time, if at all.
Where does this leave the first time buyer? Well certainly in a better position than they were but still leaving them needing a sizeable deposit, which is not a bad thing.
As I write, both Barclays/Woolwich and HSBC are announcing that they are making a profit again. Although this is likely to re-ignite the whole bonus debate, it is another indication that things may be returning to a more even keel, and that more money may soon be available.