Global Insight comments on upbeat UK property market

Financial analysts Global Insight have commented on the latest Hometrack survey of the UK property market, saying that it is indicative of the generally upbeat condition of the housing market at the current time.

There appears to be a positive outlook for people wishing to sell property, as the number of sales agreed rose by over eight per cent in June, compared to 3.3 per cent in May.

Hometrack also noted other elements of the housing market which appeared healthy for sellers, such as the reduction in the amount of time taken to sell a house.

A lower number of average viewings per sale were also measured as well as a continuation of the upward trend of final selling prices as a percentage of the asking price.

This reached a level of 94.9 per cent in June, compared to 94.7 per cent in May.

A combination of these facts with strong mortgage lending and approvals in May prompted Global Insight to suggest that the housing market revival that has been taking place since mid-2005 is continuing.

It was also predicted, however, that house prices could lose some of their momentum over the second half of the year as affordability pressures increase.

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