As reported over the weekend in the UK Press new figures confirm that the housing market is recovering and that the fall in house prices is beginning to level off. The Times are quoted as saying : One swallow doesn’t make a summer, but how about two? After the Nationwide reported a 1.2% rise in house prices in May, the Halifax went one better, saying they rose by 2.6%. The two measures differ on the year-on-year fall, the Nationwide’s 11.3% contrasting with the Halifax’s 16.3%, but they are telling a similar story. Are house prices bouncing back as quickly as they fell?
I don’t think so, and it would not be good news if they did. The housing market is slowly coming back to life after having its lifeblood, mortgage availability, cut off. The last thing we need is for prices to start surging again and it is unlikely that they will. Both Halifax and Nationwide attached health warnings to their numbers.
Nonetheless, a consistent story is now emerging in the housing market. Activity is slowly recovering and the fall in house prices is beginning to level off. A semblance of normality returning.
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