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06 Tuesday Aug 2013

House prices rising at fastest pace for three years Posted by:

Figures from the Halifax published today reveal that house prices in July rose at their fastest pace since August 2010.

Client Mark Harris, chief executive of mortgage broker SPF Private Clients, issued the following comment which was picked up in the Telegraph, Independent, This is Money, the Guardian, The Times and the Daily Mail: ‘The outlook for the housing market continues to improve as increased mortgage availability, better rates and more choice at higher loan-to-values combine to make buyers more confident about their ability to get funding.

‘It is still too early to describe the housing market as being in rude health, however, as there is a worrying lack of stock, which is the main driver behind the latest rise in house prices. However, the number of transactions is also on the rise.

‘London remains a unique case with many agents reviewing their forecasts for prime central London in particular. Overseas buyers are fuelling demand, with London increasingly seen as a safe haven for their money, and this shows no signs of abating. In other parts of the country, the picture is very different.

‘While the number of transactions continues to rise and the Council of Mortgage Lenders also report that lending numbers are the strongest they have been since 2008, this will be a long, slow recovery. Much ground has been lost and transactions and lending levels are running at a fraction of what they were at the height of the housing boom. Government schemes such as Funding for Lending and Help to Buy are seeing a positive impact though, and we expect this to continue when the mortgage guarantee element of Help to Buy is introduced in January.’