Has the tide really turned for the housing market?
May 29, 2009
According to figures released by the Nationwide (29th May 2009), it appears that house prices rose sharply in the month of May with the cost of property increasing by 1.2% when compared to the April figures. Now, the typical home costs £154,016. Further good news can be found in the annual rate of house price falls with them easing from the 15% recorded in April to 11.3% in May.
However, don't arrange your house price rise party just yet. Whilst this appears to be good news, it should be recognised that the more reliable quarter on quarter indicator reveals that house prices actually fell by 0.5% (albeit this was the lowest drop since January last year). In essence, it is too early to predict which way house process are going. For example, during the economic gloom of the early 1990s, there were months when prices rose but only to fall back in later periods. The outlook remains less than bright given the present economic uncertainty coupled with rising unemployment and the difficulty of accessing "affordable" credit.
When asked should I move or stay and improve my property, my advice remains the same as that previously offered. If your home doesn't have extension or indeed improvement potential, then moving is really your only realistic option. However, there is no doubt that undertaking any home improvement work will enhance your property and hopefully when it comes to selling, give your property the edge over competing properties.
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6/29/2009 11:04:24 PM
,Oliver Atkin says:An interesting final point about whether to move or improve. I suppose the question on alot of peoples mind is whether or not they have potential to add space. Lets face it the planning authorities hardly make it obvious! A great little website i found recently is betternest.co.uk they'll examine your potential to addd space without planning permission and provide you with build cost estimates and a market appraisal. Worth checking out if you're like me and too impatient to be run round the house by planners!