Nationwide say house prices are up!

The building society claims property prices have increased by 0.9% in March compared to February which, they claim, is a “surprise bounce” and should not be confused with saying that the market has turned. Whilst they welcome the price rise they feel it is too soon to confirm the market is once again on its way up and that we have come through the “trough”.

Part of the problem with making predictions on the recovery of the economy is that house prices dropped so sharply last year that monthly fluctuations are bound to happen and whilst house prices might appear to be steadying, the price of flats and apartments is still very up and down.

What is interesting is the Bank of England report that mortgages for house purchases in Britain have risen more in February than was expected and this does suggest that lending is, albeit slowly, once again on the increase.

Even Barclays bank are indicating that the housing market may be stabilising although still predicting it will be six months before the effect will be seen.

For the first three months of 2009 Northern (and Southern) Ireland have experienced the largest annual rate of house price decrease in their recorded history and Scotland had the slowest annual fall in house prices. Wales has seen nearly 20% wiped off its property prices during this period which is far more than other areas of the United Kingdom.

So, having exhausted the facts and figures, we have seen an increase in business over the past month and, very quietly, long may it continue.....