It’s official – it’s growth, and it’s steady!
The Bank’s comments not only indicate we’re experiencing a steady and sustainable recovery in the residential sales market, they also include some deliciously bureaucratic language!
This month the FPC said the recovery in the housing sector has gained momentum, with average prices up 5% in August from a year earlier. It added that it remained “vigilant to potential emerging vulnerabilities” but went on to note that housing activity and loan-to-value ratios on mortgage lending are below historic averages and said that debt-servicing costs are low, and that the ratio of house prices to earnings is at the same rate as a decade ago.
Alan Williams, Fenn Wright Managing Partner says “We think this adds credence to the view that once again buying is a credible alternative to renting for a significant number people – especially with more help on the way for those with very small deposits too. “
Thinking of selling? Ask us for a free market appraisal and find out how much it may be worth.