Property prices on the rise

Grovelawn Financial News 03/04/2009

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Homeowners see some rise in their poperty's value

The rise in property prices for the month of March have given hope to many who are keen to sell and buy. The latest figures released from the Nationwide Building Society showed that the average property was worth around £151,000.

Most properties have seen around £38,000 wiped off their value after the market peaked during October 2007.

The Bank of England have reported a rise in mortgage approvals by 20% with a survey reporting that most banks and building societies said they intended to lend more to home buyers over the coming months.

RBS and TSB have promised to increase their lending to £25 billion and £14 billion during 2009. The level of credit available to homebuyers through mortgages will depend on whether the lending institutions ease off on their criteria that currently makes it very difficult to borrow unless they are able to produce a large deposit, especially for the more competitive rates on the market.

Properties in Wales showed the biggest decline in value. On average each property dropped by 8.3 per cent between January and March. A drop of 4.5 per cent was recorded for properties in the South East.

← Lenders unlikely to lower fixed rate mortgages | News For April 2009 | RBS to lose 4,500 employees →

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