First time buyers see house prices rise by 0.8%

18-Jun-2007

House prices rose by 0.8 per cent from mid-May to mid-June as an increase in supply kept inflation down to a minimum, though the situation remains problematic for first time buyers, it has been revealed.

Research from Rightmove.com has shown that annual price growth stood at 13.2 per cent during the assessed period, in comparison to the 13.1 per cent figure reported the previous month.

The rush to beat the now-postponed deadline for the implementation of Home information packs (Hips), while resulting in an increase in the number of properties on supply, did not result in a scaling back of asking price expectations, the study noted.

"The rush to beat the impending Hips deadline appears to have attracted some poorly motivated sellers to the market. They are chancing their arm at some fairly bullish prices considering there is now a lot of property up for sale", commented Rightmove commercial director Miles Shipside.

Last week the Royal Institution off Chartered Surveyors reported that house prices rose at their slowest level for a year in May.

To find out about the different ways of financing a first home, see our section ‘Affording Your First Home’.

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