Property Prices Rise In England And Wales...

April 19th 2013
By: Melanie

Good news for the housing market as house prices in England and Wales have experienced an increase of £532 in March, and £6,700 over the past year, according to LSL property figures released this week.

David Newnes, director of LSL Property Services stated: 'House prices have only fallen once in the last 16 months, life has become marginally easier for first time buyers and house sales are increasing.'

'But there is still a long way to go. Mortgage availability is poor by historic standards. There is an army of first time buyers trying to enter the housing market but they are being held back by tough mortgage criteria. The key to the recovery of the housing market is more mortgages for first time buyers. The Funding for Lending scheme has gone some way to doing that. It has eased the pressure on the market, allowing lenders to lower mortgage rates which have helped boost the first time buyer market. But it needs to be increased in scale if it is to have a more significant effect.

'Sadly, the improvements in mortgage availability, prices and sales have not been spread evenly across England and Wales. Big regional disparities remain. The market in the South East, particularly London, is going great guns, but less affluent areas are struggling. While the north is showing less resilience, having experienced the largest fall in house prices, areas in the South including Brighton, Surrey, Bristol and Cardiff have seen prices soar.'

If you are looking to buy in the near future, then why not contact your local branch of Intercounty, as our local knowledge enables us to cater for all your rental, buying and home selling needs.