Wednesday, Jun 03, 2009
Green shoots without roots in the UK residential housing market
Telegraph: Those green shoots are just tumbleweed
Yesterday brought more claimed sightings of green shoots in the devastated housing market. To me, they still look more like weeds on a deserted building site. Mortgage approvals in April were up 8 per cent on March, according to the Bank of England. But they were still down 21.9 per cent on last year and some sort of increase was only to be expected as the spring buying season started. The mortgage figures followed last week’s Nationwide housing index, which showed prices up 1.2 per cent in May, the second rise in three months. Halifax is yet to release its index and, while analysts expect it to show a fall, it is forecast to be much less steep than the 1.7 per cent registered in April.
Posted by jack c @ 09:00 AM (330 views) Add Comment
1 Comment
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1. Bel said...
Well, you gotta feel sorry for the media! Bad news about the property market or the Credit Crunch always makes more impact & sells more papers than good news, doesn't it? In fact many have said that the economic downturn has been partly media-driven anyway.
But don't worry -- before too long the housing market will be bouncing back to life! :-)