Leon Broady, The Property Centre: Blue skies in the housing market
Temperatures were rising last month and house prices have been doing the same, writes Leon Broady of The Property Centre.
Property website Zoopla.co.uk reported rising house prices in every part of Britain in the past three months to July, meaning the housing market is showing more life than it has in years.
The sun is shining for existing homeowners. 'Second-steppers' in particular have much to celebrate, as rising house prices could make it easier for them to sell and move up the housing ladder. And it is cheering news for landlords and others who have invested in a property in the hope of eventually selling it off at a profit.
House prices also help boost confidence in the economy as a whole. A study by the consultancy Capital Economics found consumer confidence rose and fell when house prices rose and fell.
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Some may find the outlook a little more overcast. Aspiring first-time buyers may worry a house price rise may push properties out of their reach. House prices in London have not only recovered from the financial shocks of 2008, they have been above the previous 2007 peak for 15 months in a row.
But at £383,930, the average house in London is worth almost four times that of a house in the north east of England. Across the country as a whole, house prices are still only moving upwards at a moderate pace.
And even in areas where houses might be looking more expensive, the size of the deposit a first-time buyer needs to find can only go down.
Launched by the Government in April, the Help to Buy equity loan scheme allows first-time buyers to put down a five per cent deposit on a new build home. The Government hopes the second part of Help to Buy, a mortgage guarantee scheme launched in January 2014, will give homebuyers with a modest deposit even more choice in mortgages.
If you would like to speak to an independent mortgage adviser today you can contact The Property Centre by calling 0800 583 3000 or emailing at firstname.lastname@example.org. To find out more, you can also visit www.thepropertycentres.co.uk.
Your home may be repossessed if you do not keep up repayments on your mortgage. There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to one per cent but a typical fee is 0.3 per cent of the amount borrowed.