In complete contrast to Ireland, our cousins in the UK and USA had the ability to pump enormous amounts of liquidity into their financial systems to help kick start their economies. While these countries have huge public debt as a consequence - the ripple effects of this liquidity on their housing markets has been dramatic. Anybody following international business news (or indeed the modest Torcana News Section) will surely have noticed this.
In the UK for example, every single region in England and in Wales recorded a monthly rise in house prices between June-July 2009. The average monthly increase was 1.7% - the biggest in five years.
Mortgage approvals are now at a 17 month high and 77% more mortgages were approved in July 2009 compared to July 2008. The number of transactions is also increasing steadily, as illustrated in the graph below.
For more information, please see www.torcana.com.
Kind Regards
Colin Murphy
Director
Torcana Ltd
Tags: distressed property, economic recovery, House price statistics, market activity, mortgage lending, Torcana, UK Property
