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Housing activity picks up - propertyfinder

Monday, 30 March 2009 8:52 AM

The housing market has begun to show signs of picking up, according to propertyfinder.com's March survey released today.

The property portal has found 61.5 per cent of its 2075 respondents believe prices are likely to continue falling, but this is lower than the 75 per cent who were asked the same question last December.

Propertyfinder say the pick-up in confidence suggests the number of housing transactions is now likely to recover from its lows. There is an 80 per cent correlation between transactions and propertyfinder.com's confidence monitor, indicating that those seeking to buy or sell a property will now be able to do so more quickly.

Nicholas Leeming, director propertyfinder.com, said: "The prospect of higher transaction activity is not only good for the spring home-moving season, it's crucial for the economy too - much more so than house prices.

"When homes change hands people use all sorts of services such as removals firms, surveyors and so on, and will spend money on renovations and new consumer goods for their new homes. House prices may yet drift lower, but buyers can take advantage now.

"A typical buyer offered nine per cent below the asking price in March, saving them around £15,000 on already lower asking prices."

According to the poll, unemployment is the single largest factor suppressing confidence in the housing market, with 82 per cent of respondents in March saying joblessness would cause further falls in prices. A year ago, just 19 per cent of respondents considered higher unemployment would negatively affect the market.

Nicholas Leeming added: "We have reached a new phase in the housing market downturn. People are much less worried about affordability now interest rates have fallen. For those with a decent deposit, funding a mortgage is a breeze.

"But this is not enough to allay concerns over family incomes. Rising unemployment hits homeowners hard and while joblessness continues to rise, we should expect confidence in the market to be subdued."

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