The first signs of a possible economic recovery in the UK have been spotted in the housing sector. Although unemployment numbers remain near a record high, the fact that more homes are being offered for sale shows that homeowners have confidence in the economy. The number of new listings has increased by an impressive 28 percent, according to Marsh & Parsons, one of the top estate agents in London.
As you may have guessed, people wouldn't be offering expensive London properties if there was no demand. In fact, demand for homes in London remained strong throughout the recession. London is a world city and has been growing for decades now, not even a recession can stop that.
What about London installation? Well, we know that the number of applicants is also on the rise, which is a good sign for the future health of the market. Of course, nothing is written in stone. Just last year there was a shortage in the housing market, which means that there was more demand than supply. But now the positions may be reversed.
Only time will tell if there are now too many properties for sale. One sure way of determining this is the amount of time it takes for the average seller to close on his home. If it takes him longer than it did last year, it is likely that there are too many properties on the market and prices will undoubtedly fall.
But at the present time there's not a dark cloud on the horizon. Home prices have remained steady, demand is high, and most of the top estate agents are reporting more sales than last year.
