Green Shoots?

Telegraph - Economists hail first green shoots in housing market
The first "green shoots" of recovery in the housing market have been hailed by economists after figures showed an increase in the number of mortgages being taken out and property sales increased for the first time since 2007.
It comes as the number of new homebuyer enquiries rose for five consecutive months, with evidence showing that this is beginning to feed through to sales, according to the Royal Institution of Chartered Surveyors.
It said the number of new buyer enquiries increased at the fastest pace since September 2003 while the number of properties actually being sold by estate agents increased for the first time since November 2007.
Howard Archer, economist at Global Insight, said: "There are increasing signs that the housing market activity may have passed its worst point."
Ian Perry, RICS spokesperson, said: "The market is still in a fragile state but with demand continuing to pick up, there may be more signs of stabilisation in the coming months."
At the same time, the number of mortgages approved for those buying a new home also rose in February, according to the Council of Mortgage Lenders.
Numbers rose from 23,400 loans in January to 24,300 loans in February, a 4 per cent increase.
The number of loans approved to first-time buyers also increased by 7 per cent to 9,400 in February.
Michael Coogan, director general at the CML, said: "There are some positive signs for later in the year."
However, the lack of affordable mortgages remains "a barrier" to most first-time buyers who typically had to find a deposit of 25 per cent, a record amount, the CML explained.
But there was positive news for those looking to buy their first home as falling house prices meant first-time buyers borrowed less. The average first-time buyer loan was £95,000 in February, down from £97,000 in January and £114,000 in February last year.
The CML also highlighted a shift away from tracker mortgages towards fixed rate deals as borrowers looked to lock into historically low interest rates of just 0.5 per cent.
House prices fell last month by 2.3 per cent, wiping out the 2 per cent rise in January, bringing the average cost of a home to £160,327, according to Halifax.
RICS said the number of properties being sold by estate agents rose from 9.6 properties during the three months to February to 9.7 properties during the three months to March.
David Hawke, a RICS member based in Nottinghamshire, said: "There are some signs of "green shoots" but mortgage money is still tight."
And Benson Beard, a RICS member based in London, said: "The last month has definitely seen an increased in buyer numbers and agreed sales.
"We can all look forward to a tough year but one that in hindsight may yet signal the bottom of the market."

Bye For Now
IMS Foreign Exchange
Foreign Exchange Trading
Forex Trading Reports - Click for a free trial
Buying Euros? Buy Euros at the best euro Rates!
Buying Dollars? Buy US Dollars at the Best Dollar Rates!
Buying Australian Dollars? Buy Australian Dollars at the Best Australian Dollar Rates!
Contact IMS Foreign Exchange
+ 44 207 183 2790