National house price inflation up 9.1% – ONS

MortgageSolutions

“Sellers are in the fortunate position of being able to ask what they like,” he said.

“The market has a 2007 feeling – if you don’t buy now and pay that extortionate price, there is a long queue of people behind you ready to jump in.

“With property prices up 10.5% for first-time buyers compared with a year ago, many people are in danger of being priced out again.”

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ONS: House prices up 9.1pc

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“Confidence is now spreading out to the regions, which is making for a more balanced market. It is not just about London experiencing one thing and the rest of the country something else.

“The market has a 2007 feeling – if you don’t buy now and pay that extortionate price, there is a long queue of people behind you ready to jump in.

“With property prices up 10.5% for first-time buyers compared with a year ago, many people are in danger of being priced out again.”

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10 things to consider before rushing into the property market

guardian

“To get ahead of the pack in a booming market, you need to have your mortgage in place. That way, when you come to make an offer, you’ll be able to demonstrate that you can move quickly and are a serious buyer. Typically, a mortgage agreement in principle lasts for six months and isn’t specific to any particular property. However, don’t panic and assume you have to stick with this deal if your bid is accepted.”

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House prices up more than 5 per cent

TheIndependent

“The gulf in property prices across the UK grows ever bigger with London house prices hitting a new all-time high. There are growing fears that if we are not in bubble territory yet it won’t be long before we are, with the Bank of England raising the alarm about borrowers over-extending themselves.

“The problem mortgage borrowers have is that they are competing against cash buyers who don’t have the same affordability constraints.”

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London house price gap continues to grow: Land Registry

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“The gulf in property prices across the UK grows ever bigger with London house prices hitting a new all-time high in February, up 13.8% in a year. Transaction volumes are rising but are still some way off the peak of the market and the lack of supply is helping fuel soaring house prices in parts of the country. There are growing fears that if we are not in bubble territory yet it won’t be long before we are, with the Bank of England raising the alarm about borrowers over-extending themselves.

“The problem mortgage borrowers have is that they are competing against cash buyers who don’t have the same affordability constraints. Governor Mark Carney has commented that he can’t control house prices because he has no sway over those cash buyers who aren’t affected by interest rate rises. While buyers from overseas are playing a part, it is not just international purchasers who are in the fortunate position of buying for cash: many of my clients who do so are from the UK, and are downsizing from larger homes.

“Lenders are stricter and the bad old days where it was possible to borrow up to seven times income are long gone. However, borrowers still need to do a reality check and consider whether they could afford the mortgage if there was a 1% rise in interest rates – or more. If not, it’s important to be realistic and rein in the borrowing.

“Supply constraints are not going to be resolved anytime soon. The government has made the right noises about building more homes but this takes time. In the meantime, prices are likely to rise higher and we could well find that the illusory bubble becomes a dangerous reality.”

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London property: Will a housing bubble

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“The main downside is that if you buy a 70 per cent stake in a property, you will owe 30 per cent of what you sell for - not what you bought for.

“You may decide that a share of something is better than nothing if you can’t afford to buy otherwise, as the stake you do own will be worth that much more.”

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Osborne extends Help to Buy 1

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“The extension of the first phase of Help to Buy until 2020 will be welcomed by house builders who have received a significant boost since the scheme was introduced last April.

“It is telling that the Chancellor has not made the same commitment to extend the mortgage guarantee element of Help to Buy: this may be because it has not been long introduced so it’s too early to judge its full impact.”

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