United Kingdom House Sales And Lending Edged up

According to UK estate agent house sales are on the rise and price fell less widespread. UK estate agents reported that better news from the front line of the property market today with the number of sales rising and fewer agents reporting price falls in February. As per the survey of The Royal Institution of Chartered Surveyors (RICS) by a majority of 16 per cent, agents were reporting an increase in transactions in February. This compares to a 12 per cent majority for January. The majority doing so fell to 13 per cent in February from 16 per cent in January, while most agents were still reporting price falls.

The Department for Communities and Local Government (DCLG) stated that house prices across the UK rose on average by 0.7% in January, to leave them just 0.2% up on a year ago. Mortgage lenders granted 22% more home credits in January than a year ago. First-time buyers have been able to purchase houses up to the value of 250,000 and avoid paying 1 per cent stamp duty land tax. After March 24 the threshold on the tax falls back to the previous 125,000 level since early in 2010.As a result average sales per estate agency branch rose from 15.7 to 16 last month.

A prediction is that future house prices were more optimistic during February with the numbers expecting fall now level with those expecting gain. This is an improvement on January when a 14 majority expected falls. Since May 2010 it is the first time that respondents have not been predicting further price declines. West Midlands and Northern Ireland saw the least positive readings for price falls. For quick funds apply with quick quick payday loans and get cash in easy way.

The number of home finance granted in January stood at 35,600, a 25% drop from December according to the Council of Mortgage lenders (CML). On a seasonally adjusted basis, analysis of actual mortgage completions showed prices increased by 0.7 per cent over the month. New properties prices were 8.8 per cent higher on average than a year earlier whilst prices for pre-owned dwellings decreased by 0.4 per cent. The government backed New Buy scheme is one factor that may push up sales a bit further in the coming months. It will provide an element of insurance for lenders against borrowers defaulting, when lenders grant a mortgage to someone who has a deposit worth only 5-10% of the property's value. UK government and builders expect that the Newbuy scheme will boost sales further.

Jack Paul is expert financial adviser. He writes articles on quick payday loans @ http://www.quickcashpaydayloansuk.co.uk/ , www.poundstopocket.co.uk and www.minicredit.co.uk

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