House price inflation continues to rise

30-Nov-2006

House price inflation is continuing to grow at a significant pace, potentially causing greater difficulties for first time buyers trying to get a foot on the property ladder, experts suggest.

According to a report by Nationwide Building Society, house price inflation grew by 9.6 per cent in November, causing house prices to rise by 1.4 per cent and potentially making the market tougher for first time buyers.

November's rate of house price inflation represents a growth of 1.6 per cent from the previous month.

"This is the highest rate of annual house price growth since February 2005 and means that house prices are £15,046 higher than twelve months ago, the equivalent of a £41 rise per day," said Fionnuala Earley, an economist for the Nationwide Group.

"This brings the price of a typical house up to £172,185," she added.

According to figures released by the Bank of England, mortgages approval levels were at their highest rate for three years last month.

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.

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.

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