UK House price inflation still rising

  • UK House price inflation still rising

    According to the Office for National Statistics, the rate of house price inflation in the UK is still rising, with prices in June up to 3.1% compared to 2.9% in May. According to the Royal InstituReal Estate Concepttion of Chartered Surveyors (Rics), prices are rising at their quickest rate since November 2006.

    Peter Bolton King from Rics says, "Growth in buyer numbers and prices have been happening in some parts of the country since the beginning of the year, but this is the first time that everywhere has experienced some improvement."

    Figures are also suggesting that there has been an increase in the number of people taking-up the government's Help to Buy Scheme and Rics say that the Government help for the housing market is one reason for the pick-up in activity.

    The Help to Buy scheme enables buyers of new-build homes to put down a 5% deposit and take out a government loan for up to 20% of the value of the property. It is suggest by new government figures that there have been 10,000 registrations under the Help to Buy scheme since its launch in April.

    Rics said that the Funding for Lending scheme has had an effect on improving mortgage availability also. There is an improvement on so-called loan-to-value ratios, or the amount that banks and building societies are prepared to lend on any property, and on average, loans are now 83.6% of the values of a property compared to 81.6% from a year ago.

    Image source: http://www.sxc.hu/photo/1382168

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