Positive signs for housing market after 'winter hibernation'

Positive signs for housing market after 'winter hibernation'

New properties coming on to the market and a rise in mortgage lending are being seen as optimistic signs for the housing sector.

An increase in the number of properties for sale in the residential sector and a rise in gross mortgage lending in March are encouraging signs that the housing market is “waking up from its winter hibernation”, say industry experts.

The number of new properties being put up for sale increased by 4% in March - the third consecutive monthly increase, according to Countrywide, the UK’s largest Property Services Group.

Across Countrywide’s network of 1,300 estate agency and lettings offices, the number of new properties available to purchase increased by 37% compared to the last three months of 2010.

At the same time, the Council for Mortgage Lenders (CML) has said that gross mortgage lending for March was £11.3billion, a 21% rise from £9.3billion in February, and that remortgage approvals in February were the highest for more than two years.