House prices up 4.2pc annually

Ryan Fowler

February 28, 2014

The region in England and Wales which experienced the greatest increase in its average property value over the last 12 months was London with a movement of 10.9%.

On a monthly basis prices were up by 1% as the North East experienced the greatest monthly rise with a movement of 2.6%.

David Brown, commercial director of LSL Property Services, said: “January has carried through momentum from 2013 and the recovery of the property market is building further this year.

“However, for some potential first-time buyers, home ownership is proving more difficult rather than becoming a more achievable aspiration.

“With house prices rising, those without a step already on the ladder are finding it harder to make the leap.

“More higher loan to value lending – meaning smaller deposits are needed – is however helping more first-time buyers than the market has seen for some years.

“This is a key factor that is helping drive the housing market forward. Rents are seeing a more modest rising trend, providing some breathing space for renters waiting to buy and saving up a deposit as landlords expand their portfolios and the private rented sector continues to grow.”

The Index also revealed a decrease in repossessions that dropped by 33% in November 2013 to 1,162 compared with 1,722 in November 2012.

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