House prices are on the rise for the first time since 2006August 20, 2013 3:16 pm
House prices are on the up for the first time in 6 years, according to a recent report by the Royal Institution of Chartered Surveyors. London and the South-east have seen the most significant increases, and the number of buyer’s enquiries has been the highest on record for four years in the previously depressed West Midlands and the North-east.
The increase in activity in the housing market can be partly attributed to the governments help- to- buy scheme, which helps first time buyers get their feet onto the property ladder. Also, the commitment from the bank of England governor to keep the cost of borrowing at below 0.5% until unemployment is below 7% (probably not until 2016) is likely to have had a significant impact on activity.
The Economist predicts that one thing is for certain though, the uplift in the housing market will be sustainable only if workers future wages justify the mortgages granted against them, which hasn’t proven to be the case in recent years.
If you live abroad its worth keeping your property in the UK and renting it out. You will get a return on your investment and have somewhere to come home to. Set up Auto-pay to manage your mortgage repayments internationally and save up to 4% over using the bank.
Categorised in: News
This post was written by Kayleigh Driscoll