Sales of property in the UK rose in April and some are predicting that prices could stabilize later in 2009. The latest monthly report from the Royal Institute of Chartered Surveyors (RICS) indicates that house prices fell by the slowest pace in 15 months during April.
The homebuilding industry is starting to look at building additional new homes after pulling back for a number of months. The inventory of new homes is now so low, according to analysts, that builders need to begin new homes to have them ready for buyers. The NHBC said that April saw the first rise in applications to build homes in almost 18 months.
In corresponding news that will add cheer to sellers and homebuilders, the OECD said that the worst of the recession may be over. It also indicated that Britain is among several countries that may be seeing a pause in the economic slowdown, even as the worldwide recession is still going strong. The OECD’s leading indicators show that the pace of the decline is slowing in the UK, much as the pace of falling house prices has slowed.
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