Peter Rollings responding to the ONS House Price Index
Tue 18 Jun 2013
"This mornings figures show a pleasing pick-up in home sales as the UK property market enters the busy early summer market. Across the UK, house prices now stand at similar levels to mid-2008, before the collapse of Lehman Brothers and the worst episodes of the financial crisis. First time buyers are a crucial part of the property market and now, supported by Government initiatives, they are being helped onto the housing ladder. This fact, coupled with the rapidly improving availability of mortgages has increased confidence in the market leading to first time buyers spending on average 4% more for their first home.
"Meanwhile, London continues to surge ahead with consistently strong price increases supporting growth across the UK as a whole. The average property price in London now stands at 414,000 more than double the average price in Scotland, Wales and Northern Ireland. But it is all about supply and demand and whilst the demand remains strong at Marsh & Parsons weve experienced a 9% increase this year in the number of those registered to buy property the rise in prices is set to continue. London remains the city of choice as a safe investment and store of wealth for overseas and domestic buyers alike."