Research Hints At Improvement In Housing Market

A property specialist at Irwin Mitchell has said that new statistics which show that house prices have stopped falling and a rise in potential buyers are “encouraging”.

Figures from Hometrack have revealed that the fall in prices stopped for the first time in ten months during April, with the average cost of a home remaining at £153,100.

In addition, demand for property appears to have risen, with a 22 per cent rise seen in the number of people who have registered their interest in buying a home with estate agents.

London remains the strongest market, with a 0.3 per cent rise seen in prices across the capital.

According to Lisa Shenton, a Partner in Irwin Mitchell’s Conveyancing team, the research highlights that some improvements are being seen in the sector, but warned that this is not an indication that the market is turning the corner.

She outlined: “These Hometrack statistics are encouraging in some respects and could indicate a possible increase in confidence in the housing market. 

“However, it is still too early to tell whether we have seen the last of the month on month falls, as early Spring is typically one of the busiest times in the housing market anyway and the statistics may reflect this.

“The Conveyancing team here at Irwin Mitchell have experienced a busy April for completions, but mortgage lending remains subdued and most of those buying are able to provide a generous cash deposit themselves or are borrowing from family to fund the deposit.”