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Property Prices on the Up

Written By On 13/08/2013

Information gathered from surveyors across the UK informs us property figures are increasing at their most rapid rate for nearly seven years. The Halifax released data that the average home price across Britain has risen by just over nine thousand pounds to nearly one hundred and seventy thousand pounds.

London and the South East continue to lead the trend. A major factor for properties rising is supply and demand. This was predicted by many experts before the house price crash because of the lack of new properties being built. This has proven to be the case and some estate agents have reported prospective purchasers quarrelling with their competition as they try and outbid each other.

The statistics fit alongside other recent analysis from various sources. One of those sources are the Council of Mortgage Lenders. They tell us that first time buyers who borrowed money in the three month quarter from March to June was nearly seventy thousand, which is practically a third up on last year and the strongest for six years.

First time buyers also increased their loan amount in June. The average was one hundred and seventeen thousand pounds which was up by about four per cent on the previous month. Over twenty five thousand loans were given to first time buyers in the month of June alone which was more than a twenty five per cent increase like for like in 2012.

Over one hundred and fifty thousand mortgages in total were offered for the same quarter which is a rise of nearly a third on the previous quarter earlier this year.

It is widely recognised that first time buyers are the foundation of the property market and it filters through to the chain above and beyond. This can only help the house prices grow in the future.