House prices continue to increase
According to the latest LSL House Price Index over the last year prices have risen by an average of £6,700.
The majority of this increase can be attributed to significant increases in London. If London was taken out the picture a more modest increase of £1,117 would be seen.
Prices fell in only one of the last 16 months and increased by £532 between February and March 2013. The average UK House Price is now £230,078.
David Brown, commercial director of LSL Property Services, said: “Mortgage availability is poor by historic standards. There is an army of first time buyers trying to enter the housing market but they are being held back by tough mortgage criteria.
“Thankfully the Government’s new initiatives inspire confidence, most notably the Help to Buy scheme, which should prove to be a real helping hand.”
Mr Brown said the Funding for Lending scheme has been a good step for the market. He said that the key to recovery of the housing market would be more mortgages for first time buyers.