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Old 10-21-2013, 05:16 PM   #1
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Arrow House prices soar by £7,000 in past four weeks HOUSE prices have soared by £7,000 in a month as the

House prices soar by £7,000 in past four weeks

HOUSE prices have soared by £7,000 in a month as the market bursts back into life, figures show today.

By: Sarah O' GradyPublished: Mon, October 21, 2013
Britain is currently experiencing a housing boom with prices rocketing Britain is currently experiencing a housing boom with prices rocketing [GETTY]

The £6,923 jump in the past four weeks is confirmation that Britain is enjoying a housing boom.

The £1,750 weekly uplift puts the price of a typical three-bedroom semi at £252,418, according to *analysts Rightmove.

The biggest leap was recorded in London where new sellers added an extra £50,484 to their average asking prices this month. Experts said the rise was being driven by renewed interest from buyers following the introduction of the Government’s Help To Buy mortgage scheme.

Fears of a housing bubble were also eased as the number of new sellers coming to market was up eight per cent – although shortages were *driving up prices in some regions.

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James Hall, director of estate agents Fishneedwater, said: “Wow, the property market is back, and then some. We’re seeing a huge amount of pent-up demand hit the market at the same time.

“People feel a lot more confident about the economy and, due to the introduction of Government schemes, are finally able to get mortgage finance.

“Even mortgage rates at higher loan-to-values are exceptional.

“People are piling back into property. Owners and sellers will be pinching themselves. Bidding wars are becoming an everyday occurrence in some areas of the UK. There’s just not enough property going round and this is sending prices ever higher and creating levels of interest for individual properties not seen for many years.”

house prices, UK economy, house prices going up, house prices in London, housing boom, help to buy scheme, UK economy, mortgage rates, new home ownersBidding wars are becoming more regular as there is not enough property to fuel demand [GETTY]

Government initiatives like the £80billion Funding For Lending Scheme and the £12billion Help To Buy plan have helped push mortgage lending to a five-year high, figures showed last week.

Buyers taking advantage of record low interest rates and easier borrowing criteria meant total home loans hit an estimated £49.3billion in the three months to September, the Council of Mortgage Lenders said.

That was a third higher than the same period last year and the greatest quarterly total since autumn 2008.

Average house prices are now higher than the previous peak seen in January 2008, according to the Office for National Statistics which also revealed first-time buyer house price inflation is just under five per cent.

Miles Shipside, Rightmove director and housing market analyst, said: “Some agents currently report that there is a buying frenzy in parts of the UK with available stock so low that their shelves are now bare.”

The Rightmove research to mid-October showed that across England and Wales asking prices rose by 2.8 per cent month-on-month, following two months of falls, to reach £252,418 on average.

Prices across the country are 3.8 per cent higher than they were a year ago.

Alexander Gosling, director of online estate agents, said: “The property market really is gathering a head of steam and not just in London.”
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Old 10-21-2013, 06:02 PM   #2
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A bit misleading as its really only London thats bubbling at the moment.
There was a piece on the Hedge earlier -

and it was speculated that the reason for the sudden influx of money was a result of the 'Cyprus' effect and people rushing to get out of computer digits and into tangibles.

Theres no real movement in property, that I have spotted, between £400k and £2mil range outside of the London catchment area.
if it cant be done with a digger .... it cant be done
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