UK Housing markey shows signs of upturn

Posted on July 18, 2009 by  
Filed under UK Mortgage and Finance News · Tagged: ,

According to a recent survey commissioned by the Home Builders Federation, the housing market is showing the first signs of an upturn since 2006.

The HBF’s survey of the UK’s major home builders found sixty percent of those asked had seen an increase in sales when compared to the same period last year.

The Home Builders Federation says the industry has been through the economic equivalent of a tsunami, with an estimated quarter of a million construction jobs lost in the last 12 months. The MBF goes on to say that the biggest obstacle to recovery is now the availability of mortgages or lack of.

Chancellor Alistair Darling is to meet with the banks next week to remind them of their legally-binding obligation to lend more money to homebuyers.

Steve Turner, spokesman for the HBF, said the survey results were a welcome boost.

“It’s been a very difficult year, but what we are starting to see is a consistent set of modest but positive results now in terms of visitor levels, in terms of reservations.

“I think for the first time in a number of months the industry is starting to feel more positive.”

However, experts were warning that the industry was still fragile because although new home sales had increased, they were at an extremely low level last year.

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