House Price Spy Blog

With the election just a couple of weeks away the Pound is rising against the Dollar, property prices continue to rise but at a slower rate than late 2009. Gordon Brown can point to a slow and steady recovery rather than a rapid recovery which some predicted.

The latest predictions are that we will see a 10% overall increase in property prices during 2010, the average price rose by 0.2% during last month and we seeing a slowing in the market but with more properties on sale overall. At estate agent level confidence is growing with rising asking prices and greater numbers of properties now for sale that 2009.

Property and the finance sector will be one of the biggest deciding factors on the May 6th election, interest rates will need to rise at some point meaning there will be less money in the system. None of the parties will admit to this but this sutuation cannot last forever.

Mortgage lending fell by almost a half in January this year with the end of the stamp duty holiday, but have picked up by a quarter and are 1% up on last year. This is a popular time for the property market, with the majority of sales falling in the next 6 months and this will be a real test of the recovery. House prices are set to drop as people finally bite the bullet and take a loss on their property, in the long run though this is just part of the cycle that will see the good times back in the next year or two.

Mortgage lending rose to £11.5 billion sccording to the CML, the Council of Mortgage Lenders.

Overseas markets like Spain are seeing an easing in price falls, lending of UK property is also up on last month.

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House prices fall by 0.3% in the last month, just in time for the start of the election build up. While the country is enjoying a relaxing of the economic climate, there is along way to go before we are back to 2007 levels, which party will prove to be the favoured one to bring us out of the recession? Have Labour learned their lessons on the finance sector?

Property will be one of the hot potatoes in the election, we see the US struggling to pull out of recession and keep up their international ‘duties’, the UK’s record national debt threatens any plans to artificially boost the property market. First time buyers are still in the mire they were (usually low earners and low on savings) and throwing billions of public money at them wont have great results. The government need to give something for everyone, rather than giving with one hand and taking with the other in the manner of all politicians.

Prices are sure to start rising again in 2010, at least the number of properties for sale is rising making the market more stable even if the average price is down. The people who will lose out are sellers who have reason to sell up which cant wait.

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