July 2010 Tinsa Index
Whilst most estate agents on the ground agree that the market remains depressed, the indictators are that there is some improvement.
This months TINSA figures for June (Published today) July 2010
TINSA property valuations are still in decline, however the rate of decline has seen a month on month decline for the past 13 months. This means property values are dropping as fast as they were.
TINSA estmiate that property prices are falling at an annual rate of 4.0%, down from 4.4 for May.
The TINSA figures, represent the trend in property valuations, so they don't represent hard data. An index of sales prices, would be far more useful in determining what is really happening in the market.
Ancedotal evidence suggests that those properties that do sell, are selling for far below their valutaions. This means that buyers are picking out the bargains.
Simple extraploation of the figures suggest that prices will continue to decline until the second half of 2011.
The conclusion is that if you are looking to purchase the advice would be to wait, unless you find a real bargain.
The advice to sellers would be that unless you are willing to hold on to the property for relatively long time.
13-07-2010
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