Insurance News Archive

Housing market 'turning a corner'

A housing expert has told property insurance customers that the global housing market is now "turning a corner".

Annette Reeve, a director at Mayfair International Realty, said that increases in the price of US houses may soon see the UK follow suit.

Her comments came after the US Census Bureau and the Department of Housing and Urban Development reported that sales of new US houses in August stood at 429,000, a rise of 0.7 per cent from July.

As UK house prices may soon mirror this upswing, she stated that many investors have been cautious for the last couple of years due to the turbulence in the market, but added that people should not "rush in" as soon as they see improvement.

"Some people do, but most people don't rush into these things and people who have really planned this have been watching and may well now be thinking 'if I watch it for much longer I could find that I've missed out again'," Ms Reeve said.

30 Oct 2009