Over the last couple of months various organisations have consistently been releasing positive property figures.
The most recent of these has been the figures released by the Royal Institute of Chartered Surveyors (RICS). They have reported that nearly 17 homes were sold in the last quarter per RICS surveyor. That represents a significant increase on all figures since 2010.
The release of these figures has led to a RICS spokesman pointing out that the UK property market is looking as healthy as it has been since the start of the economic downturn. Mr King, who spoke to the BBC, attributed a lot of the positivity and optimism to the introduction of the UK Government’s funding for lending scheme which came into action last August. He pointed out that the number of mortgages on the market has increased by over 30% since the introduction of the scheme.
Optimism towards the UK housing market
However, despite the obvious optimism that many are feeling towards the UK property market, Mr King was keen to point out that we are not out of the woods just yet. He pointed out that although the property market is looking healthier than it has done since 2010, sales figures are still much lower than they were before the financial crisis.
One suggested reason for the slow recovery has been the simple fact that people are facing wider financial challenges. With a competitive job market, rising living costs and stagnant wages, people are struggling to save. As a result, very few are in a position to raise the deposit necessary to get onto the property ladder.
Still, things are clearly moving in the right direction.