Reports from the housing sector is that the area is starting to pull out of the recession. 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. The council of mortgage lenders have said that the number of people getting mortgages from banks have risen to 36%. The numbers of people getting a mortgage still arent as high as they once were, with people still viewing the industry with a cautious eye. Recent reports have shown that the prices have steadied out and have now starting rising again very slowly. The prices of homes have risen for the 4th month in a row, going up two percent each 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? For first time buyers its a mixed bag, as your house wont be as cheap as it was a couple of months ago, but you’ve got more chance of getting a loan from the banks. For people interested in selling their home it could be worth waiting another couple of months to see if the prices continue to rise. Its the estate agents that seem to benefit most from this, more mortgages and increasing house prices mean that they are in a prime position to capitilise. Before the recession people were complaining that house were overpriced, and now in the middle of it we were hearing complaints about the fall of house prices -no pleasing some people is there?
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