As February wraps up, a glimmer of optimism is breaking through in the property market as buyers and sellers keep their fingers crossed for reopening soon.
Nationally, house prices stayed flat in February, just dipping 0.2% according to early figures. Mortgage applications also stopped falling as buyers hold tight for lockdown easing.
In London, prices dropped only 0.6% month-on-month, an improvement on previous big declines. The vaccine rollout and roadmaps back to normality have given the capital a much-needed confidence boost.
Up north, regions like the Northwest actually saw a 0.4% price rise in February despite the ongoing restrictions. There are signs pent-up investment demand is building, especially above the Watford Gap.
Here in Essex, the mood feels cautiously hopeful. Asking prices have inched up and agents say early bird buyers are raring to go once restrictions lift.
For buyers, super low mortgage rates have kept affordability decent despite the economic hit. Loads of cheap fixed deals below 2% are still around to help people get a foot on the ladder.
With businesses feeling more confident on reopening plans, economists reckon housing demand will surge once we're let out of lockdown. Buyers' savings have well stacked up over the past year too.
There's still worries and uncertainty, but the end feels near after a brutal winter. Buyers and sellers are chomping at the bit to get going again once it's safe. Fingers crossed for a spring property frenzy!
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