UK property market heading for recovery, say analysts

Analysts are predicting an upswing in the UK property market as homeowners begin to regain their financial footing, the Telegraph reported today.

According to Richard Donnell, housing market advisor to governmental bodies and local authorities, and the research director at Hometrack consultancy, recent statistics reveal a noticeable – albeit subtle – market recovery. “There’s been a small but important change in direction,” he told the Telegraph. “After eight months of falling demand, our latest survey saw a clear pick up with an eight per cent increase in buyers. This is a smaller rise than we’d normally see but with interest rates coming down it seems buyers are coming back to the market.”

During 2007, homeowners were left reeling after three increases to the interest rates. Although pressure eased slightly when rates were lowered by 0.25 per cent in December, it appears that the second 0.25 per cent downward adjustment last month finally began to relieve pressure on homeowners.

The housing market is not about to rally overnight as a result of these rate decreases, says the Telegraph, but notes that the adjustments have significantly reduced the chance of a market crash or drastic price reductions. Rightmove, which analyses the asking prices of properties up for sale, reports a three per cent increase in asking prices since January – despite the fact that February saw the lowest number of homes coming onto the market in three years.

Miles Shipside, Rightmove’s director, explains to the Telegraph, “It’s not the start of another price boom, but the interest rate cuts have given some sellers headier hopes.”

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