How Much Is My House Worth? (part 2)

How Much Is My House Worth? (part 2)

House prices have increased for several months now, according to statistics produced by The Land Registry, Nationwide, Halifax and Rightmove. See more information here.

However, the property market isn’t just about house prices – it’s about volume too. The number of houses sold is important. In 2009 prices rose but the number of houses sold was low, which meant that a sustained increase was unlikely. And that turned out to be the case.

Most people know that one of the main reasons for the House Price crash in recent years has been because mortgage finance has been difficult to obtain, particularly for those with small deposits. This has made it particularly difficult for First Time Buyers to get on the Housing Ladder.

Thankfully, recent Government initiatives like Funding for Lending and Help to Buy have encouraged the Banks to lend more to those with smaller deposits. With Help to Buy being made available on all properties from next January (so far it’s been on New Builds only), this trend will continue.

Proof of increased availability of mortgage finance was yesterday’s announcement that the Council of Mortgage lenders (CML) estimated that gross mortgage lending in July was 29% higher than in July last year, and in fact the highest since October 2008. The CML say “this reinforces a growing evidence base of a strengthening in the housing and mortgage markets”. See the CML report here.

Be in no doubt, this is a sure sign that the property market is on the road to recovery and we can expect to see continued increases over the next few months, with predictions from some quarters of a 10% increase by the end of the year. Looks like the house price crash is over!

Every homeowner is interested in knowing how much their house is worth. Of course you’ll only know for sure when you sell it, but it’s probably worth more than it was a few months ago, and will soon be worth more still.

By Richard Watters.

 

Related Posts:

How Much Is My House Worth? (part 1)


Related posts:

How Much Is My House Worth?
House Prices up 6.9% according to Halifax – but can you believe them?
Are We In A House Price Bubble?

Leave a Reply

Your email address will not be published. Required fields are marked *

Free Property Selling Advice

Get all this and more in our Weekly email full of Information, Tips and Advice

  • Price Trends in Your Postcode
  • Estate Agents You Should Avoid
  • How to Get 10% More Than Your Neighbour