The news from the housing industry is that their sector is starting to make a recovery. House prices have risen for the first time in 18 months, with an average of 10 homes being sold a month, compared with 5 in August. News from the council of mortgage lenders is that some of the banks are increasing the amount of buyers they give their mortgages to by 36%. Though buyers are still being weary of the market, with the numbers still not back to the level they were. Figures also show that house prices have stopped falling and are now very slowly starting to rise again. Housing prices have now risen for the fourth straight month, averaging a two and a half percent a month. Prices are still lower than what they were before the recession, so it might be better to try buying that house now before prices go back up.
Does this news really seem to be as good as we first thought? If your a first time buyer, it varies -you new house in not going to cost more than it did a couple of months ago, but your more likely to get a loan from the banks. For people looking to sell their houses it might be worth waiting for another couple of months, if prices are increasing slightly you might want to consider just holding off a little bit longer. The winners from this is the estate agents, who will start to see more houses being sold and more money in from the house prices going back up. Before we entered the recession first time buyers were complaining that properties were overpriced, and now were into a recession its the sellers who are complaining about the fall of the prices- you just cant please everyone?
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