New data from LSL shows that housing transactions were the strongest in nine years in this March, with 80,000 properties being sold in this month alone. This has had an impact on the house price growth which has accelerated by 6.9% annually, which means that a typical home in the UK is now worth £18,745 more than a year early.
London prices have also increased by 8.2% over the past year, which equated to £44,548. Properties in Bath and the North East have also seen an increase of 5.3%, which equates to £18,603.
In the first quarter of 2016 we have seen 71,710 purchase loans granted – the highest since 2007. Changes to the Buy to Let market has meant that less people are buying investment property which has left way for first time buyers, who are having to find smaller deposits in order to purchase a house, this small deposit sector has grown by 17.1%, with a total of 11,487 loans being granted, a rise of 15.7% in February.
If you are thinking of buying a first time property and would like to find out some more information taking the first steps onto the property ladder then why not check out some of the first time guides available in the Intercounty’s First Time buyers section https://www.intercounty.co.uk/buy-houses-flats-for-sale-essex-herts/buyers-guides/first-time-buyers-guide.
How much can you afford? Check out our budget planner https://www.intercounty.co.uk/calculators/budget-planner