January brings renewed vigor to the housing market

The new year has kick started the UK housing market, according to figures released by OneSearch Direct, market leading property data company.

OneSearch Direct has seen a significant upturn in local authority search data requests, a fundamental element of the Home Information Packs (HIPs), indicating a 71% increase in activity in the housing market in comparison to December 08.

Ronnie Park, managing director of OneSearch Direct, comments: “There is certainly reason to be hopeful, with activity improving significantly last week. There is, of course, an element of seasonality associated with these figures; nevertheless we have not seen activity levels as high as this since early October 08.

“Our statistics indicate a large number of properties coming on to the market. When placed alongside figures released by Rightmove last week, showing a 121% increase in people searching for property, it seems that we’re welcoming back both buyers and sellers to the market.

“Our records do indicate that activity is still down by 33% from the same period last year; however this is a marked improvement from the end of 2008, when search requests were 70% below the seasonal norm, with the market falling to unprecedented low levels - never before witnessed in a 30 year history of records.

“With interest rates at an historic low, and expected to drop further, many savers are waking up to the realisation that there are potentially greater returns to be found in the housing market than with the banks at present.

“It might be a false dawn, but it feels like a bounce back from an unsustainably low position with, finally, some return of confidence.”