House prices in UK rising by £1,394 a month
And this is great news, not only to the South East Market. The house prices are rising in all regions for the second consecutive month, according to the LSL Property Services and Acadata property index.Higher prices are not putting off buyers, with sales set to be 16 per cent up this year compared with 2012.
David Newnes, director of LSL Property Services, owner of Your Move and Reeds Rains estate agents, said:
“The housing market is almost unrecognisable from 12 months ago. Consumer confidence has snowballed as the economic picture improves.”
Figures from the Council of Mortgage Lenders show loans to first-time buyers at a six-year high in October. Some 26,800 were issued, up 16 per cent on September and a 48 per cent rise on a year ago.Richard Sexton, director of e.surv chartered surveyors, said:
“Collectively the property market is singing a sweet tune, with prices picking up across the country.Monthly home loans have topped the 70,000 mark for the first time since the recession and the mortgage market is becoming much more accessible.”
Analysts said the upward trend for which they believe will continue into 2014 means the average home is now worth £247,000.
But unlike previous rises, it is not just London and the South-east that has benefited.
Alexander Gosling, director of online estate agents Housesimple.co.uk, said:
“Since the recovery began the contrast between the property market in south-east England and the rest of the UK has been embarrassingly polarised. With the London market cooking on gas and racking up double-digit rates of annual growth, many other regions struggled to even smoulder.