As March draws to a close, the property market is showing signs of tentative recovery. Early figures show that house prices remained flat in March, after a slight dip in February. Mortgage applications also stopped falling, as buyers and sellers start to get more confident about the future.
There are a number of factors driving this recovery. The vaccine rollout is continuing apace, and there are increasing signs that the economy is starting to recover. This is giving buyers and sellers more confidence to start moving again.
In London, prices are still falling, but the rate of decline has slowed. This is likely due to the fact that the capital is benefiting from the vaccine rollout more than other parts of the country.
Up north, regions like the Northwest are seeing a slight price rise. This is likely due to pent-up demand from buyers who have been waiting for the market to recover.
In Essex, the mood is cautiously optimistic. 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!
Of course, it's important to remember that this is just an update for the months of March and April. The situation could change rapidly depending on how the pandemic and the economy unfold. However, the early signs are positive, and there is hope that the property market is starting to recover.
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