Will the Spring deliver its traditional burst of activity to the Essex housing market? In particular, will the daffodils be accompanied by a blooming of new property instructions too?
Time will soon tell, however the Nationwide Building Society figures from last week show the first drop in house prices (1%) for nearly a year, and this may well focus the seller’s mind too.
Many would be sellers have been waiting to see what the market does. As ever waiting for prices to top out before jumping in with both feet. I don’t think that we are seeing anything other than a blip from just one indices in a snap period warped by weather and stamp duty anomolies. But others will believe, if the latest short ride up the property escalator seems to have halted, that now is the time to get off, particularly the thousands of ‘accidental landlords’ that couldn’t sell in 2008 and 2009.
Accurately predicting the property market has long since eluded the cleverest people and so I shan’t even try to call what might happen for the remainder of 2010. But one thing is hoped and that is for a fairer year than the last two have been.
Prices are one thing but what is really needed to ensure a decent market is a return to decent volumes and that won’t happen until mortgage lenders loosen their grip on the funding tap somewhat. That does seem to be happening though now. So here’s hoping for a decent spring in more ways than one…