Green shoots for prospective buyers

There's movement in the property market and some of it is upward, too.

The Office of National Statistics (ONS) has published figures today that state property prices have risen in England, although they are still trailing in Scotland, Northern Ireland and Wales. Overall, property prices are up 2.3% in the 12 months to June 2012.

Looking at Scotland in more detail, as LSL Academetrics have done, shows that things are also looking up for property sales in Midlothian and the city of Edinburgh, where average sales prices have risen by £17,000 and £14,000, respectively, since July 2011. Over the same period the number of loans to new buyers has risen by 1,100.

According to the same figures, finance appears easier to come by for first time buyers north of the border, too.

Time to get excited? Not quite yet. Whilst the figures are definitely a reason to be hopeful, especially in a double-dip recession, it's not yet time to open the Champagne. However, they do show that the market is stabilising.

Geographically, the upward trend can be linked to regions of high employment and prosperity, where buyers are more likely to have equity and require less finance. At the same time, with mortgage providers starting to offer a larger number of high loan-to-value products, the property market appears to be moving in the right direction.

For a more detailed assessment, contact our team.