Home sales beat expectations - Mortgages - News - Moneyfacts


Home sales beat expectations

Home sales beat expectations

Category: Mortgages

Updated: 24/04/2009
First Published: 23/04/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The house builder Persimmon has revealed sales volumes in the first quarter of 2009 ahead of expectations, raising hopes that a recovery in the market may be under way.

In its interim management statement, the firm added that sales over recent weeks had been ahead of those achieved in the comparative weeks of April last year, when there had been a significant deterioration in market conditions.

A cancellation rate of 16 per cent over the first three months of the year also represented a significant improvement on the rate of 35 per cent recorded for the last quarter of 2008.

It is the latest of a number of encouraging signs in the housing market; mortgage lending increased by 16 per cent last month, according to the Council of Mortgage Lenders, while figures from HM Revenues & Customs show the number of house sales increased by 40 per cent in March.

Furthermore, Northern Rock announced that the number of mortgage applications it received rose by 70 per cent last month.

Despite the good news, the firm said it would remain cautious about the outlook until mortgage availability improved further and employment prospects became less uncertain.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

85% of remortgagors benefit from lower rates

Mortgage rates are among the lowest ever recorded, and in the case of fixed rates, they just keep falling! This means it’s never been cheaper to fix your mortgage rate for the long term, and unsurprisingly, remortgagors are taking advantage.

Does your mortgage lender owe you money?

Earlier this week, the financial watchdog revealed that hundreds of thousands of mortgage holders could have been overcharged by their lender. Are you one of the many who could be in line for a windfall?

Do you think your home will rise in value?

There’s been a lot of talk recently about the rate of house price growth slowing, but is it affecting your personal expectations? According to research, it could be, with fewer people now expecting the value of their property to increase.