First Time Buyers Reappearing

The new stamp duty holiday for first time buyers that was announced in the recent budget may have sparked an increase in potential buyers. Moneysupermarket.com has seen a 15% rise in first-time buyers searching for mortgage deals in the past week. While Easter is traditionally a busy weekend for the property marketing, Savills also confirmed an unusual increase in first-time buyer activity.

How Soon Will House Prices Recover to 2007 Levels?

Lombard Streets Research has released a new report warning that the UK housing market is potentially trapped in a long-term bear market and that prices may not recover their peak of 2007 for many years.

They warn that the 25 year bull run of rising prices could be similarly match by a 25 year long bear run, as a consequence of the credit crunch, with a huge tightening in the long term availability of credit. They foresee that house prices in the next 3 to 5 years will be flat at best.

House Price Rises Slowing

Nationwide figures for March show house prices rising by just 0.7%, 9% higher than March 2009, but lower than the 9.2% year on year increase in February. We see this as a reflection of all the market stats we've seen, with fewer buyers in the market, relatively little activity, mortgage approvals falling etc.

House sales remain well below previous levels with just 58,000 sales in February, up 14% on January, but well down on previous levels - there were 103,000 sales in December as people raced to completed before the end of the year and the end of the stamp duty holiday, but even with the stamp duty holiday, sales failed to reach previous high levels and we expect this trend to continue in 2010.

If you want to sell your house, but are struggling to find a buyer, or need to sell within a short period of time, then do call Quick Move Now on 0800 068 3366. We are the leading specialists in quick house sales in the UK and we can help you.

Mortgage Approvals Fall Again

Figures yesterday showed that mortgage approvals fell in February, for the 3rd month in a row. While the number of approvals fell by just 1,000, it is the trend over the past few months that reflects the overall slowdown in the housing market. There was a sharper fall in January with the end of the stamp duty relief and February looks to be a continuation of this slowdown. We expect this fall of new mortgages to reflect a subdued period in house price sales and inflation.

New Stamp Duty Holiday for First Time Buyers

In the Budget, the Chancellor announced a new stamp duty holiday for first time buyers, purchasing homes valued up to £250,000 with effect from midnight tonight. This holiday will be in effect this year and next.

Conversely he has raised the level of stamp duty on properties worth over £1 million, from 4% to 5%.

Housing Market Stalls

Houses prices rose by the smallest margin on record in March, leading many experts to predict a double dip in house prices.

Prices were up by just 0.1% on February, the smallest margin on record in a month when prices have never fallen. Fears are that a decline in house prices could preciptate a slowdown in the rest of the economy.