Green shoots in the housing market?

April 2, 2009

House prices have dropped, interest rates are low and plenty of people are straining at the leash to get on the housing ladder.

Now the Nationwide Building Society says house prices have risen for the first time since October 2007. 

The Nationwide cautioned about jumping to conclusions on the basis of one month’s figures but the news was enough to send the pound up against the dollar and some analysts said it was more evidence that the battered housing market may be recovering. 

On the other hand mortgages have become much harder to get and rising unemployment is working against any recovery.

What do you think? Is it premature to start talking of green shoots in housing?

One comment

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Incomes are not rising and getting a mortgage seems to be harder than ever. Add this to the fact that whilst house prices may have come off 20%+ (depending on which survey you use) and that 3 to 4 years ago when house prices were around 20%+ cheaper than at their peak commentators were saying then that houses were out of reach of many people.

Green shoots? Greenshoots my backside.

Posted by nick | Report as abusive