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Consumer Home
20 April 2006
Consumer confidence in the housing market is back, reveals new figures.
House sales increased in March for the third month running, with house sales having increased a massive 40 per cent since January, a 16 per cent rise from March 2005.
The lift in the property market has been aided by a reported 3.4 per cent rise in house prices, said the National Association of Estate Agents (NAEA), who conducted the survey, as well as cheaper borrowing for customers, with fixed-rate mortgages at a reported 4.72 per cent in February.
Demand for houses increased, with an 11.7 per cent increase in the number of buyers in March and the gap between asking price and final sale price closing, suggesting that sellers are being more realistic, the survey found.
"It is wonderful to see confidence from both buyer and seller return to the housing market. The market is back on track, following a slight cooling-off and dip in 2005, the picture for 2006 is very positive indeed," commented NAEA president Christopher Hall.
The survey also found an increase in the first-time buyer share of the market in March, from 7.8 per cent to 8.9 per cent, but which was still considerably lower than last year's share of 22.3 per cent.
If you are considering applying for a mortgage, the first thing to do is order your credit report and make sure your finances are in order.
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