Last week Nationwide Building Society in the UK reported that house prices rose by 1.2% in May sparking rumours the end maybe in sight to the property market doom and gloom.
Despite warnings by Nationwide that any recovery from the current depression that we are in would be a gradual slow change (if any!), a UK house price index report released … late last week further contributed to the idea that the property market in the UK is improving.
The house index report which is based on the volume and activity status of ‘For Sale’ and ‘Sold’ boards across the UK showed that Sold signs rose to their 2nd highest level since last year and that there was an increase of 2.1% in ‘For Sale’ signs being erected.
Halifax then added to the hype by releasing their property report that showed an increase of 2.6% in property prices.