House Price Spy Blog

House prices rose from 7% to 10% during 2009, but fell in the last month possibly due to the increase in properties for sale. The recent budget 2010 just announced will make little difference to most householders and those entering the market will see no end to the crisis. First time buyers will enjoy the lowered prices and the stamp duty break on propeties under £250,000.

As you can appreciate this creates more problems for certain sellers, imagine your property is now worth £250,000, do you sell and lose 3% or be patient? This legislation will boost 3.8million potential properties but lose money for quite a few. There must be a better solution that benefits everyone. Like young families, first time buyers seem to be the chosen few for New Labour. The rest of the market pays for subsidies to them, first time buyers usually stay for a few years in their chosen property therefore can breaks for first time buyers be seen as viable to get the market moving? Once on the ladder are we expected to endlessly move home when the market is down?

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The number of properties up for sale in the UK risen by over 17% in the last month, this has had the obvious result that the rise in prices has stalled. The sellers market which saw mortgave approvals fall has now turned into a buyers market.

There were over 100,000 propeties up for sale during the last month which is the highest for around 18 months. The pre slump value was around 130,000. The main feature of the recovery has been the low number of sales making the market extremely volatile, now hopefully we will see a more stable recovery powered by a healthier market with increased confidence.

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The number of mortgage approvals in the UK has fallen by around 50% or more. The number of general mortgages has fallen by 49% since December and first time mortgages have tumbles by 54% acording to figures provided by the Council of Mortgage Lenders. With the steady rise in prices seen in late 2009 now fading it seems that the turnaround in the economy is not quite as robust as we had thought.

Savers are seeing any income from interest reduced to almost nothing, retail prices are rising and with a general election on the horizon the country is not in quite the position we were led to believe by the government. Mortgage funding has underpinned the slight recovery that we have enjoyed over the last part of 2009, with this money reduced the number of sales will fall meaning many will be unable to sell their properties.

House Price Spy is a free way to keep up the property prices in your area or as many other areas as you want, its 100% free and unlimited and offers loads more features to help you get alerts and compare results!

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Any ideas of a quick fix to enconomy look to be over, no matter what the government say we are still plumbing the depths of recession with years to wait before the good times return.

Property prices in the UK have recovered from a 14% deficit on 2007 prices by around 9% but many reliable market insiders are predicting another fall in prices for 2010. With many homeowners staying put, the stamp duty legislation changes and the finances of the country not recovering quite as fast as had been hoped the market is set to see a drop in average house prices.

Average prices have fallen already by 1% and with the usual slump in prices at the turn of the year and the associated drop in mortgage approvals it may be the summer of 2010 before we see any progress on the economy. There are fewer buyers with less money to spend and reduced borrowing potential.

With many lenders creeping back to their old ways of granting 90% mortgages etc are we seeing the strong fiscal leadership we were promised by the FSA and Government?