The Office of National Statistics (ONS) has released data showing London average house prices are over £500,000 for the first time.
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Category Archives: Home Movers
The average price of property in London has increased by 19% and England and Wales increasing by over 9% in the last year.
The Council of Mortgage Lenders has warned of an interest rate rise from the Bank of England is more likely increasing costs to homeowners.
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.
As the demand for low deposit loans increases George Osborne gives the bank of England power to cap risky mortgage lending.
The OECD has warned that UK house prices were rising at an alarming rate when compared to rents and household income.
The regulators are introducing tougher tests for home buyers based on affordability to prevent mistakes leading to the financial crisis.