House prices are up, lending is gradually increasing and there are more properties for sale on the market.
April house prices are on the increase say Economists
Despite many predicting a pre-election stutter in the housing market, sellers are still increasing their asking prices in line with previous months rises. With April seeing a 2.6% increase on March, up by £4680, prices are running at 6% higher than April 2009.
North Down average house price April 2010 - £186,272 up 5.7% from 2009
Northern Ireland average house price April 2010 - £161,429
March house prices bounce back says Halifax
Since its fall in February house prices are on the up report Halifax. Northern Ireland house prices rose in March by 1.1% pushing the annual rate of inflation up to 5.2% from its February figure of 4.5%. This rise has taken the figure for the Northern Ireland’s average home to £168,521, £11,000 higher than this time last year.
Influx of new house hunters emerging say NAEA
Figures released by the NAEA reveal in March a rise of 7% of people registering per branch, 274 people compared to 258 in February. This is supported by the number of sales increasing from an average of 7 per branch to 8 during the same period.
Improvement in lending predicted for late 2010 by CML
Despite mortgage lending increasing in March to £11.5bn, an increase of 24% on February, CML believe activity in the property market to be still subdued. Figures collected for the first three months of 2010 are still substantially lower than in the last three months of 2009, leading CML to forecast a similar trend this year.
"With the gradually improving economic backdrop and interest rates still low, we continue to expect a gentle improvement in market conditions later in the year." Says CML economist Paul Samter.
Lending steadily increasing say Moneysupermarket
Data from Moneysupermarket has revealed a healthy start to the spring property buying season.
Those looking to remortgages up 29%
Those looking for a mortgage up 13%
Enquiries for first time buyer mortgages up 17%
Those looking for a mortgage are finding significantly better deals available than in spring 2009.
There are still more home buyers than sellers says Pinkerton Murray
"With the recent increase of homeowners listing property For Sale, Pinkerton Murray sales listings have soared since December 2009. However for detached homes in Bangor demand for property still exceeds that of supply."
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