Quick Move Blog
Tuesday, 30 March 2010
Nationwide figures for March show house prices rising by just 0.7%, 9% higher than March 2009, but lower than the 9.2% year on year increase in February. We see this as a reflection of all the market stats we've seen, with fewer buers in the market, relatively little activity, mortgage approvals falling etc.
House sales remain well below previous levels with just 58,000 sales in February, up 14% on January, but well down on previous levels - there werre 103,000 sales in December as people raced to completed before the end of the year and the end of the stamp duty holiday, but even with the stamp duty holiday, sales failed to reach previous high levels and we expect this trend to continue in 2010.
If you want to sell your house, but are struggling to find a buyer, or need to sell within a short period of time, then do call Quick Move Now on 0800 068 3366. We are the leading specialists in quick house sales in the UK and we can help you.
Figures yesteday showed that mortgage approvals fellin February, for the 3rd month in a row. While the number of approvals fell by just 1,000, it is the trend over the past few months that reflects the overall slowdown in the housing market. There was a sharper fall in January with the end fo the stamp duty relief and February looks to be a continuation of this slowdown. We expect this fall of new mortgages to reflect a subdued period in house price sales and inflation.
Wednesday, 24 March 2010
In the Budget, the Chancellor announced a new stamp duty holiday for first time buyers, purchasing homes valued up to £250,000 with effect from midnight tonight. This holiday will be in effect this year and next.
Conversely he has raised the level of stamp duty on properties worth over £1 million, from 4% to 5%.
Monday, 15 March 2010
Houses prices rose by the smallest margin on record in March, leading many experts to predict a double dip in house prices.
Prices were up by just 0.1% on February, the smallest margin on record in a month when prices have never fallen. Fears are that a decline in house prices could preciptate a slowdown in the rest of the economy.
Friday, 5 March 2010
House prices recorded their first fall since June with a fall of 1.5% in February according to the Halifax. The fall was blamed on the end of stamp duty relief, the cold weather and more properties coming onto the market.
Prices are still 4.5% up on the previous year and 8% higher than the low point of April 2009, but the market has slowed down in recent months. According to the chief economist at Nationwide, it would have been difficult for the housing market to maintain it momentum from 2009, and that it would be good for house prices not too race away from the economic fundamentals.
The number of new buyers making enquiries fell at the start of the year and home loan lending fell by 32% in January, all helping to keep prices lower.
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