Spring At Last
This week we have seen the first signs of spring
. After what has been the longest, coldest and generally most miserable winter in as many years as I can remember, things finally seem to be improving.Seasonality has consistently been a feature of the London and Docklands housing market with spring usually ushering in the busiest period in the market. Demand for both sale and rental properties have been building steadily for several months now. As demand has picked up, so the prices albeit marginally, month on month.
Now the warmer weather and lighter evenings are here we should see more viewing activity and subsequent increases in transaction levels.
Despite the more temperate climate the spectre of rising interest rates looms ominously on the horizon of the property market. The UK economy is making slow and steady progress towards recovery but this could be arrested or reversed very quickly by an ill timed increase in interest rates. We all know that an increase in interest rates is inevitable but like most things in life, timing is imperative. As we can see from recent house price data the recovery in the housing market remains fragile. It would therefore be unhelpful for those interest rate rises to materialise any time soon. We need much further and broader based evidence of macro economic recovery before any significant increase in interest rates would be justified or warranted.
For now let us just enjoy a more sensible and sustainable market and lets not forget warmer weather and lighter evenings.
Alasdair Carpenter is a Director of Lourdes estate agents in docklands, based in London, UK. He suggests you to visit www.lourdes-estates.com for more information on flats for sale in Docklands. Lourdes Estate Agents is an independent, dynamic and innovative firm of consultants providing an extensive range of property related services including sales, lettings, property management and investments in the Docklands area.
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