House prices rise at fastest yearly rate since September 2010...

House prices rose at their fastest rate in June for almost three years according to the latest price index by Nationwide Building society.  UK house prices rose from 1.9% year on year to £168.941 from £165,738 a year ago.

The strongest performing regions are the South of England, especially London. Demand for homes in the UK has been due to the modest growth in employment and the reduction of the cost of credit due to Government schemes such as Funding for Lending.

Properties in the South East experienced a 2% annual growth, from £197, 564 in the first part of 2012 to £202,312 a year later. London prices outperformed anywhere else in the UK, with a rise of 5.2% year-on-year, from £302,399 in the second quarter of 2012 compared to £318,214 this year, which is 3.5% faster than anywhere else in the UK.

Wales has also seen some recovery in the property market recently, although more modest than London, prices in Q2 of last year compared to this year have risen from £136,182 to £134,432, however Northern Ireland prices have fallen by 2% from £110,422 to £108,116.

House prices in England have still not reached their pre-crises level, remaining at 5% lower than their peak in 2007, with them being 13% lower in Wales, 12% lower in Scotland and 53% lower than in Northern Ireland.

If you are looking to buy a house, then why not contact Enable Independent, our mortgage advisors will be able to find a mortgage which best suits your own individual needs.

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Good news for the housing market…

Enable Independent, IFA’s in Bishop’s Stortford were pleased to see that house sales rose by 5% last year, according to HM Revenue and Customs.

Completed house sales went up from 888,000 in 2011 to 932,000 in 2012, the highest we have seen in the UK since the recession begun in 2007.

Indications from different sources indicate that the housing market will continue to grow throughout 2013, in terms of sales not prices.

HMRC are not the only body that feels as though the market is showing green shoots:

In January the Bank of England revealed that their survey found that lending had risen in the last three months of 2012, and they felt that they would rise significantly in the first quarter of this year.

The Bank have also revealed that the number of mortgages approved for buyers, but not lent rose to 54,036, which is the highest figure since 2009.

The Council of Mortgage Lenders (CML) reported that loans to first-time buyers rose by 8% in November, also the highest for nearly three years.

RICS, who keep monthly produce monthly surveys, have said that estate agents are feeling very positive about 2013.

Simon Rubinsohn, Chief Economist at RICS stated: "What we have had is a decent recovery in the second half of the year, helped by a little more confidence due to the FLS, which has helped give a bit more accessibility to mortgage funds," he said.

"We think there will be a further increase in activity, with the FLS providing further support along with the government's NewBuy scheme."

If you are looking at buying a home in 2013, and need to apply for finance, Enable Independent can choose from any mortgage across the market place and we make sure all of our charges are transparent. We have years of experience of obtaining mortgages for all different types of customers from first time buyers to people wanting to re-mortgage. Why not give our friendly team of mortgage advisors a call on : 01279 755950.