Categorized | International

Housing Prices Rise in UK During First Half of April

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The first half of April has been very good to the residential real estate market in the United Kingdom. Housing prices are up by nearly three percent from March, and they are almost three and a half percent higher than what they were last year. The average asking price in the United Kingdom is now approximately two hundred and forty-four thousand pounds.

 

While the average asking price has seen a healthy increase, the total amount of sales activity is down significantly from the previous peak that took place in May of 2008. Sales are down thirty percent when compared to that peak. There are also less new properties for sale in comparison to last April.

 

The increase in asking price is certainly a positive sign for the housing market in the United Kingdom. However, economists are warning the general public not to get overly optimistic about the state of the residential real estate market. There are still many buyers that are struggling to land a mortgage.

 

One of the reasons why the average price has increased is that there has been more sales activity among the more expensive homes in the country. The low to average price homes have seen sales decline, and it is for that reason that economists believe the market isn’t truly on a path to recovery.

 

Economists believe that this recent increase is not reflective of the overall state of the real estate market. Rather, they feel that poor sales of lower priced homes will soon have an effect on the health of the market.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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