Wednesday, February 16, 2011
Category:
Home Improvements
According to the National Association of Estate Agents (NAEA), January saw house-hunters return to the UK housing market – pushing demand figures up to a six-month high.
Compared to December, both supply and demand for housing was reportedly greater in January. However, it has been pointed out that the figures are consistent with those recorded at the same time last year.
It has been reported that the average number of house-hunters registering with estate agents increased from 227 in December to 252 in January, which is still lower than in January of last year when the figure stood at 291.
Despite certain factors helping to boost activity in January, such as the holiday season ending and a back-log in demand due to the ‘big freeze’, the NAEA believes that their latest report indicates that many consumers remain reluctant to enter the market.
Findings revealed that the number of houses on sale in each branch increased from 64 in December to 69 in January, whilst the number of properties sold by the average agent increased from four in December to six in January.
President of the NAEA, Michael Jones, commented: "It is encouraging to see activity levels begin to increase following the downturn we saw in December where bad weather and the Christmas festivities kept many house hunters away.
"However, when compared with our report from this time last year, the market is still showing signs of consumer reluctance. Macro-economic issues such as the VAT rise and interest rate pressures continue to put many people off searching for property.
"What we need to see now is the FSA using its newly-gained powers of oversight to ease mortgage lending restrictions that are preventing so many first time buyers from entering the housing market.
"The percentage of sales made to this consumer group decreased slightly from 25 per cent in December to 24 per cent last month. We must ensure that their aspirations for property ownership can be met."
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Homeowners who have recently moved into a new property could consider taking out a secured loan to fund any
home improvements if they are looking for funds to cover the costs. One of many finance options available, a secured loan for home improvements could allow borrowers to put their personal stamp on their new property by means of complete redecoration and refurbishment. A new kitchen, bathroom suite or conservatory could even be invested in if desired.
