February has been a bullish year for the UK housing market. Despite higher prices, the demand keeps outpacing the supply. Moreover, multiple surveys show that more and more experts believe that the tendency is likely to continue in the near future.
Since the UK authorities started a stimulus called Help to Buy in April 2013, the British housing market has consolidated a lot. The housing prices are growing almost in every niche of the British housing market, from residential to commercial property.
According to the date provided by Rightmove, the positive tendency made the average price hit the level of 251,964 pounds or $420,629. The February gains are estimated at 3,3% or 8,103 pounds.
This is the strongest monthly increase since October 2012. At the same time, the report indicates that the annual gain in 2013 was around 6,9%, which is the highest increase since 2007. It seems that the UK market is currently in its strongest condition since the global crisis that affected all housing markets around the globe.
The thing is that record-low interest rates created favorable conditions for mortgage loans. More and more British households are lending to buy homes. Investors are also reassured by the market switching from bonds to fixed property.
Meanwhile, the British Pound is still trading within the framework of a correction versus the long-term rally, Masterforex-V Academy reports. A further decline is expected to bring the price to the key levels of support located at 1.6425 and the bottom of the MF sloping channel. The 1.6822 high and the MF pivot located at 1.6875 along with the long-term high (1.7041) are currently viewed as the key levels of resistance.
