Small increase signals house prices 'stable'
House prices has risen again in May, albeit modestly, dailymail.co.uk reports.
Figures released by Nationwide show that prices increased by a minimal 0.3 per cent, representing the first rise since February. This balances out the 0.3 per cent drop recorded in April, which experts say demonstrates a stability in the housing market.
Supply of houses is weak, according to the building society, which is keeping the prices high. The average UK house price currently stands at £166,022, for which the deposit would be thousands of pounds. It's little wonder so many people are still unable to get a first foothold on the property ladder, turning to rental properties as they save up.
The government recently introduced its NewBuy scheme, designed to make it easier to purchase a brand new home and in turn, kick-start the market. However, the initiative has not had the reception or results that were expected - so demand for rental properties remains fiercely competitive.
In order to stay ahead of the crowds, those looking for a let might do well to use online estate agents services, which could notify them when a suitable property reaches the market in advance of non-members.
According to propertywire.com, the house price index is celebrating its own 60th anniversary along with the Queen, having started reporting figures back in 1952. During that time, there has been an 88-fold increase bringing the average from £1,891 to £166,022.