In general, property prices appear to be rising. Between January and May 2006, the uplift in house prices across the United Kingdom averaged 4.4%. In the event that this trend continues, then the yearly rise will be 13%. This will put the average house price at almost 195,000.
The Council of Mortgage Lenders confidently expects 1.2m property sales to be completed this year. This is a rise in the 970,000 previously predicted. They also expect mortgage loans to be 10billion more than they had thought, at a total of 85billion.
All this sounds very upbeat and encouraging. New loans approval for house purchases in March 2006 was more than 25% higher than for the same period 12 months earlier.
However, first time buyers are finding it especially difficult to get on the first step of the housing ladder and in some areas, particularly the South East of England and London, prices have been fairly static. First timers are needed to set off the sequence of events from starter homes upwards.
In many other parts of the country, including the north of England and Wales, house sales have continued to be buoyant, levelling out the average price of homes. According...
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