Property news: Rising house prices and home loans
House prices rise 0.3% in May
House prices experienced a “tepid bounce” in May, recording a 0.3% rise after falls in March and April, according to figures from National building society.
The modest rise in prices, which brought the average cost of a UK home to £166,022, followed drops of 1% in March and 0.3% in April. Annual figures showed prices are down by 0.7% year-on-year. Read more on this story
Home loans rise as confidence of buyers grows
Mortgage approvals hit their highest level since the start of the year in April, as buyers’ confidence about the housing market rose.
The Bank of England reported that lenders paid out 51,823 loans last month, up from 51,067 in March, when figures were already strong as first-time buyers rushed into the housing market before the end of the stamp duty holiday. Read more on this story
High-end property defies economic gloom
Asking prices for the UK’s most expensive homes have surged to an all-time high despite the recession and the Eurozone crisis, according to PrimeLocation.com.
The website said asking prices for prime properties – defined as the top 25 per cent of the market by value – rose by an average of 0.9 per cent or £4,043 in May. The average of £478,797 is 4.8 per cent or £21,756 higher than a year ago. Read more on this story