UK Property Market Seeing Signs of Recovery?

According to a recent article on Forbes.com, buyers are returning to the British property market.

Low interest rates, great property prices and a general feeling that the bottom is reached or very close, is motivating action before sales prices start to climb.

In a recent survey of the sector, the Royal Institution of Chartered Surveyors said buyer enthusiasm increased for the fifth straight month in March, with London picking up particularly sharply.

This pickup in inquiries is feeding through into sales, RICS said, even though they remain at historically low levels.

“Buyer interest is starting to gain real momentum but will remain frustrated while mortgage finance is scarce,” said Ian Perry, a spokesman at RICS.

The RICS survey adds to the evidence that the British housing market may have bottomed out. The Nationwide building society said house prices actually increased in March for the first time since October 2007, while the Bank of England revealed that the number of mortgages approved in February rose by 19 percent to their highest level since May 2008.

Read the full article here…

http://www.forbes.com/feeds/ap/2009/04/15/ap6291961.html