In recent weeks, the Council of Mortgage Lenders and Hometrack have both insisted that the housing market recovery is in progress, and have reported separate findings that suggest an improved market, Cadman Homes of Castle Street in Rugby report.
The CML has said the recovery may be easily overlooked with consumer sentiment having not yet caught up, something that Adam McHenry, a director of the family firm of estate agents, strongly agrees with and believes will make a difference to further activity.
“The CML has published ten reasons for the markets positive outlook, all of which directly relate to the mortgage market and its improved lending, a vital element of the housing market that has been restricting people that do want to make a move,” he said.
“It is great news that these improvements are seemingly in place, but consumers need to become fully aware of these movements for the market to really pick up as although we have seen a lot of interest this year, some sellers are holding off putting their property on the market until the press tell us things are better.
“It has also been publicised this year that the Bank of England is likely to hold the base rate at 0.5 per cent until 2017, and this should encourage lenders further to offer more attractive, longer term mortgage rates. Once this message also reaches the consumers we will start to see an even more active market as we head into spring.”
Adam added: “Lack of supply has been a definite trend so far this year. We can report a record number of valuations during the first month of 2013 however some consumers are not following through and putting their property on the market. As a result, there remains to be a shortage of stock.”
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