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| House prices rise across UK for first time since 2008 | House prices rise across UK for first time since 2008 |
| (17 days later) | |
| House prices showed an annual rise in all regions of the UK in May for the first time since January 2008, official figures show, as mortgage availability and confidence continued to grow. | House prices showed an annual rise in all regions of the UK in May for the first time since January 2008, official figures show, as mortgage availability and confidence continued to grow. |
| The Office for National Statistics (ONS) said that house prices increased by 0.3% in May, and were up by 2.9% on the previous year. It put the average price of a UK home at £239,00. | The Office for National Statistics (ONS) said that house prices increased by 0.3% in May, and were up by 2.9% on the previous year. It put the average price of a UK home at £239,00. |
| First-time buyers faced a bigger increase, paying 4.1% more for homes than in May 2012, and an average of £181,000. | First-time buyers faced a bigger increase, paying 4.1% more for homes than in May 2012, and an average of £181,000. |
| The overall year-on-year increase recorded by the ONS reflected growth of 3.1% in England, 0.8% in Scotland, 0.6% in Wales and 1.9% in Northern Ireland – the first time since February 2008 that prices have risen there. | The overall year-on-year increase recorded by the ONS reflected growth of 3.1% in England, 0.8% in Scotland, 0.6% in Wales and 1.9% in Northern Ireland – the first time since February 2008 that prices have risen there. |
| All regions of the UK saw price increases, but as has been the case for some months, increases in London outstripped those everywhere else. | All regions of the UK saw price increases, but as has been the case for some months, increases in London outstripped those everywhere else. |
| Prices in the capital were up by 6.6% on May 2012, while in Wales and the East Midlands they edged up by just 0.6%. The ONS said that if London and the south-east were removed from the headline data, prices would be up by 1.9% year-on-year. | Prices in the capital were up by 6.6% on May 2012, while in Wales and the East Midlands they edged up by just 0.6%. The ONS said that if London and the south-east were removed from the headline data, prices would be up by 1.9% year-on-year. |
| The figures, which are based on data for completed mortgages, and adjusted to smooth any fluctuations in the types of properties being sold each month, follow similarly upbeat price data from lenders and surveyors. | The figures, which are based on data for completed mortgages, and adjusted to smooth any fluctuations in the types of properties being sold each month, follow similarly upbeat price data from lenders and surveyors. |
| The Council of Mortgage Lenders said on 12 July that the number of first-time buyers entering the market was at its highest level since the credit squeeze began as lenders became more willing to offer high loan-to-value mortgages, and on Tuesday property website Zoopla said homeowners were increasingly confident about the market. | The Council of Mortgage Lenders said on 12 July that the number of first-time buyers entering the market was at its highest level since the credit squeeze began as lenders became more willing to offer high loan-to-value mortgages, and on Tuesday property website Zoopla said homeowners were increasingly confident about the market. |
| It's latest Property Market Sentiment survey found that 80% of homeowners thought prices would rise over the next six months, the highest level for three years. Just 7% of the 5,863 questioned said they expected house prices to fall between now and Christmas, down from 13% three month ago. | It's latest Property Market Sentiment survey found that 80% of homeowners thought prices would rise over the next six months, the highest level for three years. Just 7% of the 5,863 questioned said they expected house prices to fall between now and Christmas, down from 13% three month ago. |
| The government has launched the Help to Buy scheme to assist borrowers with small deposits to buy newbuild schemes, and boosted mortgage lending through its Funding for Lending scheme for banks and building societies. | The government has launched the Help to Buy scheme to assist borrowers with small deposits to buy newbuild schemes, and boosted mortgage lending through its Funding for Lending scheme for banks and building societies. |
| However, Andy Knee, chief executive of property firm LMS said more needed to be done to help would-be buyers who were being priced out. "The primary issue for those looking to buy their first home is sourcing a deposit, and as house prices continue to rise this chasm between buyers and renters is widening and many are resigning themselves to 'forever rent'," he said. | However, Andy Knee, chief executive of property firm LMS said more needed to be done to help would-be buyers who were being priced out. "The primary issue for those looking to buy their first home is sourcing a deposit, and as house prices continue to rise this chasm between buyers and renters is widening and many are resigning themselves to 'forever rent'," he said. |
| "Dreams of homeownership are dwindling and although we are hopeful that the government's mortgage guarantee scheme will help to a degree, there is more focus needed in the long term to ensure that we do not permanently become a nation divided." | "Dreams of homeownership are dwindling and although we are hopeful that the government's mortgage guarantee scheme will help to a degree, there is more focus needed in the long term to ensure that we do not permanently become a nation divided." |
| Top mortgages | Top mortgages |
| HSBC | |
| Chelsea Building Society | Chelsea Building Society |
| HSBC | HSBC |
| Provided by London & Country for the Guardian | Provided by London & Country for the Guardian |