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House prices on the rise in UK

As per the latest news reports, the average house prices in the UK have increased remarkably from last year, forcing the first time buyers to increase their house budget.

London (first-mortgage-from-c4f) Ausust 9, 2006: According to the Land Registry’s latest price report on residential property, average house prices stand at £ 199,184 in the UK. This is an increase of 7.71 per cent compared to the same period last year.

Mortgage experts have predicted that this trend is going to continue for the remainder of this year and for the next few years. They have also predicted a house price rise of seven percent this year, three percent in 2007 and four percent in 2008.

There is actually some hope, therefore, for those who want to buy a house in the next two or three years. As of now, however, there is little chance of the housing prices going down.

Reports also indicate that a first time buyer paid 3.21 times of his income in the month of June to borrow a new mortgage. In the month of May and June, 2005 he paid 3.20 and 3.06 of his income to obtain a mortgage loan. Prospective house owners thus will do well if they bide their time and wait for the prices to go down.

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