Property Recession Finally Coming to an End

Over the last couple of months there have been a few glimmers of hope for the property market in the United Kingdom.  While the industry is still obviously in a troubled position the decline has reportedly been slowing and last month certain areas were even reporting that up to 10% of properties were actually selling for over their asking price for the first time in recent months

June saw the first rise in housing prices this year as a survey conducted by Nationwide building society reported that there was a 0.9% increase in house prices throughout the country taking the average price of a home from £154,016 to £156,442.  While the stabilisation of the property market is seen as a welcome step key analysts were fast to note that there is still a very long way to go before any kind of permanent recovery will be able to take place

The Royal Institute of Charted Surveyors reported that June also seen a slip in the number of unsold properties on estate agents books.  Additionally Savills research announced that houses are at last beginning to fetch above their asking price.  They stated that in certain areas, including Oxford and Truro, there has been a huge increase in interest in property buying which has resulted in an increase of over 10% in London property purchases.  It is thought to be the increase in interest, caused by stabilising prices, combined with the lack of properties currently on sale in some areas that has caused this spike in value.  This is likely to be short lived however as some of the many reposed houses are soon to beginning going on the market and thus lowering competition.

Although the small boom in property sales is likely temporary, and will be countered as a lot of the recently repossessed properties begin to flood onto the market, the recent positive trends definitely show the willingness of UK property buyers to jump back into the market.