Tuesday, April 7, 2009
Stelios Haji-Ioannou, the founder of easyJet, is calling the bottom of the property market. Optimists are starting to see green shoot appear amid the scorched earth of Britain's property market. In March, house prices rose by a modest 0.9%, according to Nationwide - the first price rise since October 2007. At the same time, the Bank of England released figures showing that mortgage approvals jumped by almost a fifth the month before. The international buyer is focused on the truly international market, whether it is St James's, Mayfair, Belgravia or Knightsbridge. This had led to a severe restriction of supply, as vendors hold off selling their prime assets at what they perceive to be the nadir of the market.