First Time Buyers Hit By Increasing House Prices

Thu, 18 Mar 2010

First time buyers faced house prices of 8.9 per cent higher in January 2010 than in January 2009, so say figures from the Department of Communities and Local Government (DCLG).

This department stated that the average price paid by those purchasing their first home was £149,924 in January.

This went up 0.2 per cent against December and was part of a general increase in UK house prices .

Mortgage lenders are still insisting on strict criteria to be met by homebuyers, including a substantial deposit from new borrowers.

The DCLG stated that the average UK house price was 2.2 per cent higher in January than in December, with the average home costing £207,159, an increase of 6.2 per cent on January 2009.

Yesterday's Financial Services Authority figures for the fourth quarter highlighted that repossessions and arrears continued to fall, reflecting the low level of interest rates as well as a general reluctance by lenders to push aggressively to repossess properties without exploring each and every way to avoid such an outcome.

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