House Prices Are On The Up

The property market is moving, with first time buyers paying prices for UK homes with an increase of 2.2% in January than the previous year states The Office for National Statistics (ONS). Although house prices did drop by 0.7% between December 2012 and January 2013, nevertheless this will most certainly be great news for many developers.

ONS have further stated that this annual growth in the market is due to the increase in the movement across London and the South and East of England. But the increase in the market still remains short than the levels of sales seen during the last housing boom.
While the growth in the market will be welcomed by many homeowners due to the higher housing prices, but those struggling to get on the housing market will not feel the same.

As first time buyers still require a 20% deposit on average, but as more mortgages become available to those with 10% deposits it is getting all that easier to get funding. But if prices continue to increase this will not assist first time buyers, so for many this would probably be the best time to jump on the property ladder.

For further information please call (0116) 2999199 to speak to a solicitor in our residential property department.