Property Market Enjoys A Spring Bounce In March
The housing market started to bounce back in March with an increase in house sales according to figures releases by the office for national statistics. The figures show that sales increased by 17% but was still well below the 114,000 homes that were sold in October 2014. Considering the number of homes that have been sold over the last couple of months the figures will be welcomed by everyone as the market tries to get into it's stride as we go through the spring.
The number of homes that sold in February was just under 80,000 according to HM Revenue and Customs. The data also contrast with other daft hat buyers are playing a waiting game until the general election has been decided. Some data suggests that buyers looking for further incentives may be hoping for a conservative win. The number of homes coming onto the market has shrunk in March and this has pushed up prices slightly. The number of new mortgages taken out in February fell slightly by 16%
House prices are still going up due to the shortage of homes coming to the market. This is despite the muted activity from buyers who have been playing a game of wait and see. The number of buyers looking has dropped and the main reason for this is affordability. Of those that were questioned a study found that many buyers were relying on handouts from parents and money from inheritance in order to put down a deposit on a home. The market can't provide enough homes to stem house price inflation and the government are not providing enough social housing for buyers.