| It used to be that anyone planning to purchase | | | | per cent in May. The typical home is now 11.3 per |
| property was advised to consider three important | | | | cent cheaper than it was a year ago, but this figure |
| factors: location, location, location. However, the | | | | stood at 15 per cent last month. |
| emphasis of late has switched more to the | | | | Nationwide chief economist Martin Gahbauer noted |
| importance of timing, timing, timing. | | | | that this is "further evidence" that the housing |
| Falling house prices have been met with speculation | | | | market is improving, although he was quick to point |
| over when exactly the bottom of the market will be | | | | out that the statistics should be taken with a pinch |
| reached - as buyers obviously hope to make a move | | | | of salt. |
| when property is as cheap as possible. | | | | "Although the short-term trend in house prices has |
| Of course, no-one can truly be sure that a low point | | | | clearly improved from where it was at the beginning |
| has been seen until after the fact, but commentators | | | | of the year, it is still too early to say that the market |
| will seek to predict it nonetheless. Peter O'Donovan, | | | | is turning definitively. During the downturn of the |
| head of mortgages at Bestinvest, suggested this | | | | early 1990s, there were many months during which |
| week that low levels of lending appear to be | | | | prices rose, only to fall back down again in |
| indicating the trough is approaching. | | | | subsequent periods," he said. |
| The British Bankers' Association revealed that the | | | | Similarly, the National Association of Estate Agents |
| value of mortgages provided by UK banks stood at | | | | has argued that it is "too early" to talk of a recovery. |
| £2.7 million last month - the smallest amount | | | | However, chief executive of the organization Peter |
| that has been lent in eight years. But those planning | | | | Bolton King said that its own figures do show activity |
| to compare mortgages may be interested to note | | | | to be rising, with both the number of people looking |
| that the actual number of deals approved rose by 3.8 | | | | for property and the number of sales going through |
| per cent in April. This, Mr O'Donovan stated, could | | | | increasing. |
| well be the "green shoot" that signifies the start of a | | | | As a result, it may be that prices are indeed set to |
| recovery. | | | | stabilize and those looking for the best mortgages |
| His comments were followed by Nationwide figures | | | | before making a purchase could do well to pay close |
| showing that house prices have actually risen by 1.2 | | | | attention to any developments in the near future. |