The average price of property in London has increased by 19% and England and Wales increasing by over 9% in the last year.
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Category Archives: First Time Buyers
The Council of Mortgage Lenders has warned of an interest rate rise from the Bank of England is more likely increasing costs to homeowners.
Demand for new-build homes is driving a boom in house building with construction growing for the fifteenth consecutive month.
The Governor of the Bank of England, Mark Carney, says interest rates must rise to avoid a housing bubble developing.
Figures released from the Bank of England show the number of mortgage approvals has increased in June.
Office of National Statistics (ONS) data shows house price inflation reached 10.5% in May the highest level for four years.
Lenders have increased the cost of fixed rate mortgages after the Bank of England signal the end of cheap borrowing.
The number of mortgage approvals have reduced in the last four months following the Mortgage Market Review and worries about interest rates.
As the demand for low deposit loans increases George Osborne gives the bank of England power to cap risky mortgage lending.
The European Commission is concerned with Britain’s house price inflation calling on the Chancellor to “deploy appropriate measures”.