House Prices Boosted By 4%
Major lending institutions who last year predicted a “flat” economy for 2013 have since been busy re-predicting, as the first half of 2013 has shown that average house prices have increased in value by 4%.
This upward trend is said to be a result of government stimulus schemes which have improved confidence within the property sector, as schemes such as Help to Buy and Funding for Lending take hold.
Help to Buy allows buyers to secure a property with as little as a 5% deposit with the government lending the buyers 20% of the value of the new home, interest free for 5 years.
Martin Ellis a Halifax housing economist commented “Improved confidence in both the housing market and the economy, combined with a shortage of properties available for sale, appear to be pushing up house prices.”
However, it has also been noted housing supply remains stretched as research has shown a 5% fall in unsold properties.
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