Brits could have "cautious optimism" in housing market

There is a case for "cautious optimism" when it comes to the housing market, it has been suggested.

Content editor of FindaProperty Michael O'Flynn explained there have recently been an increasing number of enquiries from people interested in purchasing somewhere to live.

However, he continued, the number of approved mortgages has dropped considerably over the last few months and so this has not translated into sales.

Mr O'Flynn added that, despite this, a lot of market forecasters have predicted the worst will be over by the summer.

He stated this is due to signs that lenders are beginning to ease-up on their loan-to-value ratios and the government is launching a mortgage-backed security scheme.

"We expect to see the rate of price declines starting to ease … and the number of transactions to record a modest improvement as we enter the second half of 2009."

Other countries have seen house prices fall as well and Brits who have the money to take advantage of this may wish to use an international money transfer system if they plan to buy in cash.