Thursday, May 17, 2007
Category:
Home Improvements
Figures released by The National Association of Estate Agents (NAEA) have shown that the housing market is currently in a state of calm.
Compared to the same period last year, the market was seasonal in March. Buyers, sellers and completed house sales were all at a similar level. Figures collected by the NAEA reflect the notion that March is traditionally a busier time in estate agencies than February, with a slight upturn in activity from last month.
Those who are first time buyers have managed to maintain their improved market share from February and are currently up on the levels reported in March 2006 despite another expected base rate rise.
As a result of the traditionally busy spring period, the number of houses for sale in March increased by 8.7% from the figures reported in February. NAEA members across the country reported an average of 62 properties for sale in March, relatively close to the 61 recorded in last year in March.
Research conducted by the NAEA has found that in March there has been an increase of 11.6% from February in the number of people looking to buy a property. Looking at the same period from last year, research has shown a 3.7% rise. It seems however that demand continues to outstrip supply in the residential housing market throughout many parts of the UK, which in turn will continue to add an upward pressure on house prices. As stock increase in the next couple of months, sales are likely to follow suit.
NAEA President, Charles Smailes, comments: “It appears that we are finally hitting a period of levelling in the residential housing market. However this is unlikely to last. There is a great deal of uncertainty in the market at the moment, the increase in interest rates and the implementation of home information pack (HIPs) are set to have a significant impact.”
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With the current calm in the property market, homeowners could look at possibly making home improvements. Through simple home improvements or even large projects, they could in turn benefit those homeowners who are looking to take advantage of the housing market. A secured loan is one of the many options available for home owners. A home improvement loan could fund many home projects. Loft conversions are currently seeing a rise in popularity, and with a secured loan houses can be extended taking full advantage of all aspects of the house.
Home improvement loans can be made payable over a term to suit the borrower from 5 to 25 years.
