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Follow on Google News | UK Country Property Market slump may be near to endingA number of economists have predicted that the end may be in sight in relation to the UK country property slump. It was recently predicted that property prices may have just 10% or less left to fall before property prices hit the bottom. Source CEBR
By: Sands Home Search Figures from the Bank of England have shown that during the mo nth of February there was an increase of nearly 20% in mortgage approval levels, with the number of mortgages approved standing at 37,000. This reflects an ease of credit conditions for those seeking mortgages, as well as an increase in interest from buyers, although the figure is still only one third of the level of mortgage approvals one year earlier. The CEBR has now said house prices may fall by just 8-10% more if mortgage approvals rise to around the 50,000 a month mark by later summer. The rate of decline in relation to house prices is likely to be far slower this year than it was last year, and the CEBR predicts that price falls would begin to bottom out by the start of next year. However, if mortgage approval levels rise by more than anticipates – such as 60,000 or 70,000 per month – house prices could bottom out much earlier. The CEBR said, however, that it is unlikely that mortgage approvals would shoot up by this level, and that the rise in mortgage approvals was likely to be a far steadier and slower one. In a recent statement the CEBR said that last month had shown the most encouraging data in relation to the property and mortgage market for some time, and that this was encouraging news for these markets. 10April 2009 # # # Sands Home Search are independent buying agents who specialise in finding and acquiring the finest residential property in London, The UK Country House & UK Farm market & prime residential property market in Cape Town, South Africa for private, corporate & international clients. End
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