House price inflation continues

08-Mar-2007

Figures released today show that UK house prices increased to £192,233 last month, which may interest first time buyers.

According to data released by Halifax, house price inflation rose by 1.8 per cent in February, suggesting that the rate of house price growth may be increasing; in December 2006, house price inflation grew by one per cent, which may dishearten first time buyers concerned about affordability.

At an annualised rate, house price inflation remains at 9.9 per cent, reports the Press Association.

"I do not think we will see clear evidence of a market slowing for another three to four months, but it will slow," said Ed Stansfield, an economist at Capital Economics.

However, a minority of first time buyers (two per cent) believe they will be helped onto the property ladder by a market crash, according to the results of a survey by the Homebuyer Show, reports mform.

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

A shortage of housing is believed to be partially responsible for the continued growth in the cost of property.

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