Housing Market Recovery?

Despite the UK property market's deepest and most sudden slump in living memory. There are some who are beginning to suggest a corner has been turned!

Industry reports show house prices are currently down by about 20% from their peak in the summer of 2007 and completed sales in the UK during February were half the level seen 12 months before, at just 42,000. However, mortgage approvals - a key indicator of near term trends - for the same period were up for the first time in 6 months, this coupled with an upward trend in new inquiries is giving some hope for the future!

Most "professionals" gave up trying to predict housing market trends months ago, and some small twinklings of light at the end of a very long tunnel are hardly a reason for developers to pop the champagne corks. The general consensus seems to be of scepticism towards any claims of recovery with some experts even suggesting a further 20% fall this year and another 10% during 2010!

So it seems that despite the best efforts of our ever optimistic Estate Agents friends, there are still a few bumps in the road ahead!