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House Prices see Increase of 1.3% in One Month

Despite the annual figures still showing a decrease from last year, research has shown that house prices have increased by 1.3% between June and July in 2011.

The price increase was reported by the Land Registry using their House Price Index. The index showed that an annual decrease of 2.1% was recorded in July – a 1.3% increase from June of the same year.

According to Peter Bolton King, The National Association of Estate Agents’ Chief Executive, those looking to join the property ladder are “benefitting from prices that are, overall, still lower than a year ago” – as demonstrated by the 2.1% annual decrease.

Over the past year the only region which has recorded increases in property prices has been London, proving to be an unsurprising centre of higher prices despite financial concerns.

The slight increase in prices over the past month could therefore indicate the market’s growing awareness of renewed activity. With more people benefitting from these overall low prices it is only logical to assume that increases would begin to be made.

This is because, according to research conducted by Halifax, it is cheaper for first time buyers to buy a property than it is to rent one. Halifax revealed that those who choose to buy, as opposed to renting, can save as much as £100 per month.

For areas within England and Wales, the 1.3% change puts the average cost of a property at £163,049. This means that a substantial deposit would be needed to secure a decent mortgage.

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These increases come after a number of others which have seen many struggling to pay for everyday costs. With more financial pressures, an increased number of people are looking for money lending solutions to help alleviate some of these strains. It is always important to compare bank and loan products before committing in order to find the most suitable offer.

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