Cheap mortgages needed for booming market
Tue, 16 May 2006
A new survey has revealed that house prices have risen for the sixth consecutive month as more people attempt to step onto the property ladder.
Figures from the Royal Institution of Chartered Surveyors (RICS) reveal that April saw increased demand for housing, with 15 per cent more surveyors and real estate agents reporting a rise in prices than a fall in April, up from 12 per cent in the previous month.
The increase is likely to boost demand for cheap mortgage deals, especially as the number of homes is ten per cent lower than the same period in 2005, forcing buyers to meet higher asking prices.
"The drop in available stock is indicative of market tightness with the balance of the market swinging in favour of sellers coming into the strong selling period of May and June," said RICS spokesman Jeremy Leaf.
In particular, buyers are using cheap mortgage offers to fund the purchase of larger properties, with three or four bedroom houses attracting considerably interest – in some cases outpacing small apartments and starter homes.
"Greater economic wealth has boosted prices for larger properties as buyers remain content to invest for the long term, with a rising stock market not detracting interest in real estate," said Mr Leaf. 
© Adfero Ltd
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