There is unlikely to be further decline in the UK's house prices, one expert has predicted.
Peter O'Donovan, head of mortgages at Bestinvest, said this is due to the "slight increases" which have recently been seen month-on-month.
"So whilst overall it's still a big downsize on last year, there seems to be a lot of buyers on the market, and these sort of figures [indicate] that purchases are increasing," he continued.
People are beginning to sell and move on Mr O'Donovan suggested, which indicates that properties will start to return to the market.
According to the Bank of England's June Trends in Lending report, gross mortgage lending has continued to weaken, largely because of weaker remortgaging activity.
Furthermore, the major UK lenders reported an increase in approvals for mortgages for house purchases in May and there are some indications that mortgage availability has increased over the past month.
See Also: Property News (0)
Date Published: 19 June 2009
Related News
