Property Values: Home property value The Nationwide Building Society have recently published their appraisal of the Home price change for the month of June at a figure of 0.9%.
Property Values: This is third time in the last four months that the Nationwide has reported an increase in prices and describe the figures as a “welcome surprise”.
The annual Home price drop now is just 9.3%, down from a May figure of 11.3%. Excellent news indeed, for house owners seeking a Quick Home Sale, the probability of at least a steadying in Home prices means that they should not now have to implement further price drops in order to Sell House Fast. Property Owners will hope that these figures now represent a consistent trend and whilst nobody expects an imminent and rapid jump in Home prices there are now sensible grounds to believe that the market could have turned the corner.
Once this sentiment becomes the general view amongst would be purchasers this will become a self fulfilling forecast. As would be purchasers convince themselves that Properties won’t be available at any lower prices then they will return to the market lured by the desire to hit the market at the low point and assure themselves of a first class bargain. So Property Owners can expect increased interest in their houses even in the very short term and that Quick Home Sale now seems a real possibility. This effect is starting to be reinforced by more and more Home sellers accepting the principal “if I need boosted up by news that mortgage approvals have once more risen and now are running at over 43,000 per month. While this figure is still way under the historical average; it is still a healthy improvement on the data of only a few months back. In addition, there is evidence that the growth in mortgage approvals is accompanied by a reduction in the incidence of re mortgaging. Actually, with nothing to be gained by swapping lender upon expiry of a fixed rate deal; many borrowers are deciding to stay with their existing lender and this trend cuts down the number of re mortgage transactions. This means that a larger proportion of new mortgage transactions are for Home buying so the actual Home purchase transaction numbers may well be up by an even larger amount. There is now room for cautious optimism that the Home market has bottomed out. This does not mean that Home prices will instantly get back to mid 2007 levels, rather it means that an episode of price correction is now behind us, and that anyone bringing a Home to market at a price reflecting that adjustment can now expect a reasonably Quick House Sale.