Based on recent statistics and trends in the property market, it is evident that the property crash might be over, and prices are on the rise. Nationwide reported positive annual house price growth for the first time in over a year, with the average property cost increasing by 1.2% in the year to February. Additionally, Halifax noted a 2.5% annual growth rate, the highest seen in a year, indicating a positive trend in property prices.
Moreover, there has been a significant increase in buyer demand, with a 11% rise reported by Zoopla. This increase in demand, coupled with a 21% rise in the supply of homes, reflects a growing confidence within the market. Lower mortgage rates and reduced inflation are also contributing factors to the rise in property prices.
The recent uptick in house prices can be attributed to lower mortgage costs, as many lenders have reduced rates in recent months. This decrease in borrowing costs has stimulated the housing market, resulting in increased mortgage applications and buyer enquiries. The average two-year fixed rate has significantly decreased, making homeownership more accessible.
In conclusion, based on the current data and market indicators, it is reasonable to believe that the property crash is likely over, and prices are indeed on the rise. The combination of lower mortgage rates, increased buyer demand, and a positive growth trend in property prices suggests a favorable outlook for the property market in the near future.
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