Could this be the beginning of an upturn in the UK property market?

In a recent press release property agents Rightmove revealed that its survey of UK house prices had shown a surprising increase of 1.2% during the previous month.

The Rightmove house price survey is compiled monthly and based on the asking price of houses currently listed on its website. This sample of up to 200,000 properties accounts for over 90% of UK houses currently on the market with Estate Agents, making it the largest and most up to date sample of any house price indicator in the UK.

So just how significant is this news?

At the moment it really is too early to tell whether this will be an on-going trend or not, but what it does show is that there is increased optimism amongst those people currently selling property in the UK. If optimism is returning to the market then this could be very significant indeed.

Although a rise of 1.2% seems small it is in fact quite a substantial increase and should certainly not be disregarded. To put it into perspective, if the market rose at 1.2% each month for the next 12 months we would see an overall annual increase of 14.4%; a healthy figure by any standards.

Commenting on the figures, Miles Shipside, Commercial Director of Rightmove said: “January enquiries are 108% up on last year, setting a new Rightmove record and clearly indicating a pent up demand to move home. This ties in with over half the respondents to our Consumer Survey stating they intend to buy in 2009, in spite of 7 out of 10 of them expecting prices to fall further during the year.”

With restrictions on lending predicted to ease over the coming months (Northern Rock etc) this new optimism could just be the turning point for the relentless slide of property values. If this is right, then history will show that the best time to invest in property for probably many years was right now.

If you are interested in investing in UK property register with us today to discuss our current opportunities at up to 25% below market value.

Edward Kirwan

The Worldwide Property Group

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