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    Default Market recovering according to CLG statistics

    The department for Communities and Local Government (CLG) found house prices were beginning to steady out in their research out today.

    The news follows the Royal Institute of Chartered Surveyors (Rics) house price survey out this morning, which also identified 'green shoots', with buyer interest up.

    CLG figures found house prices were 13 per cent lower in April 2009 than for the month last year, but house prices fell just three per cent in the quarter to April, compared with nearly four per cent for the quarter ending January 2009.

    Good news for first-time buyers (FTBs) came with the news they paid 16 per cent less to get onto the property ladder than a year ago, although there was a small increase in the price paid by FTB's between March and April this year. The average mix-adjusted house price in the UK now stands at 189,215, with the average FTB paying 135,416 in April.

    Month on month house prices rose by 1.1 per cent in April according to the CLG, compared with a rise of 0.4 per cent over the period last year.

    But speculation as to whether this is the genuine beginnings of a market recovery has been rife, although Nationwide and Halifax figures, which also showed positive signs, have been used to further justify the 'climb back up' for the housing market.

    David Smith, senior partner at property consultancy Carter Jonas, warns not to forget the effect of the current political crisis on the housing market. He said: "These latest figures are yet more proof of a stabilisation in the market.

    Read more ...

    Jenny


 

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