Annual house price inflation remains buoyant
31-Oct-2006
First time buyers many continue to find it difficult to purchase their first property, as new data indicates that annual house price growth remains robust.
According to data recently published by Nationwide Building Society, house prices grew by 0.7 per cent in October, a reduction of 0.6 per cent from the previous month that may indicate that first time buyer house price expectations are becoming more moderate.
The average house price is now £12,500 higher than last year at £169,623.
"Following a sharp increase during September, the monthly rate of growth … cooled in October," said Fionnuala Earley, an economist for the Nationwide Group.
"However … recent housing market indicators have been firm and the latest approvals data from the Bank of England show that the August rise in interest rates did nothing to curb demand," she added.
However, with house prices remaining high and stock market values only now returning to levels last seen in 2000, many investors may consider it prudent to move their investment away from the property market.
Nationwide Building Society offers a range of products and services, including mortgages, credit cards and insurance products.
For advice on first time buyer mortgages or to find out how much you can borrow and how much it would cost you, contact a good
mortgage broker.
As the market for first time buyers toughens, new companies are offering new services to help first time buyers buy
new properties by working with the house-builders.
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