“House prices continue to rise mainly due to supply constraints.”
“It is welcome news that private sector house build starts in England recently increased to the highest level since 2008, however it will take 18 to 24 months between getting these properties out of the ground and for someone to move in.”
“The ONS figures show there is no house price bubble. The London market is more frenetic than other parts of the country with sealed bids and gazumping making an unwelcome return, but this is particular to the capital. Elsewhere, prices are either rising steadily, remaining flat or even falling.”
Nicholas Ayre, managing director of homebuying agency Home Fusion, said people are desperate to buy a property before it’s too late, but denied borrowers are overstretching themselves. “We are seeing a steady spread of LTV mortgages, so buyers do not seem to be maxing out on finance and are keeping within affordability boundaries.’
Nicholas Ayre, managing director of homebuying agency Home Fusion, said: “What helps is cheap mortgage rates and the increasing willingness of lenders to lend. Now buyers are thinking that if they apply for a mortgage they are more likely to get it.
“Many buyers have delayed a move for years because of the dire economic situation but many have had enough of waiting and are ready to make a move, assuming they can find the right property.”