Housing Misery For First-Time Buyers As Prices GO Up 5.4%
Wed 15 Jan 2014
House Prices soared to another high as they rose 5.4 per cent across the country in the 12 months to last November.
In London the rise has been more than double that. The average property price now stands at 248,000, according to the Office for National Statistics index that compared with November 2012.
First time buyers were forced to pay an average of 187,000, a 6.4% rise on the year before.
Peter Rollings, CEO of estate agents Marsh and Parsons said: 'House price growth has washed over every corner of the UK. The London property market is sailing ahead with prices rising at more than double the national average pace and we predict prices will rise another five to seven per cent this year.
'This month we have 23 buyers registered for every available property which will keep prices high.'
Property in London climbed more than 11 per cent putting the average cost of a home in the capital at 441,000 - more than 18 per cent hiher than the 2008 peak.
The south-east saw the next biggest increase in England at 4.5 per cent, followed by the West Midlands with 4.4 per cent and the North East with 4.2 per cent. The North West recorded the smallest year-on-year growth with a 0.6 per cent annuall rise taking average prices in the region to 163,000.
Costs rose 5.4 per cent in Wales and 2.5 cer cent in Scotland.
The government's Help to Buy scheme was extended in October, which led to concerns the initiative would put extra upwards pressure on housing.
From April, tougher mortgage lending rules will be introduced that assess the impact of potenial interest rates rises on borrowers.