Figures are the first signs of turnaround
There are encouraging signs for the UK housing market as it moves confidently in early 2013.
Data recorded by Agency Express's Property Activity Index shows a national increase on properties sold throughout January, highlighting a substantial rise of 7.7 per cent over figures during the same month last year.
January's figures tentatively indicate the first signs of what is predicted to be a turnaround in the property market.
Lenders such as NatWest and HSBC are primed with five-year mortgages fixed at rates under 3 per cent, while others like Nationwide, Coventry and Skipton building societies have cut rates in recent weeks.
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Regional month-on-month data recorded by the Agency Express Property Activity Index shows a thriving central England with an increase of 79.6 per cent on properties coming on to the market, a massive 52 per cent increase on the figures recorded for January in 2012.
An 11.7 per cent increase was recorded for properties sold, resulting in the region reporting its best figures for the month within the last two years.
The North East displayed significant increases on properties sold, up by 14.8 per cent, also recording the best figures for the region since 2008. Further notable increases have been recorded for London, up by 23.3 per cent, which is a healthy increase of 18.7 per cent for the capital in comparison to previous years' figures.
Stephen Watson, managing director of Agency Express, said: "Many changes are occurring in the way in which mortgages are being offered by lenders. New deals, dropped rates and incentives are being reported almost on a daily basis. However great rates come at a high price, and although 2013 seems to be the year to secure yourself a deal, without some substantial savings or family support, first-time buyers can still expect to pay above the odds.
"Nevertheless, the forthcoming months will be an intriguing time for the property market."