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House prices for first time buyers ‘up 5pc’

The price of a house for a first time buyer has risen 5pc since the summer, according to a report representing data collected by Halifax.

This includes a rise of 2pc last month alone, with average prices rising to £125,799.

This highlights the increasing struggle that first time buyers face to get on the property ladder, but at the same time the fact that the housing market is gaining in strength. However the Government announced another new scheme to further boost the housing market in the 2013 Budget, called Help to Buy, where buyers will be able to obtain a loan of up to 20pc of the value of the property.

It is hoped that the scheme will make it easier for first time buyers to purchase property, and with prices rising, will be welcomed by many.

According to Halifax, house prices now sit 1.1pc higher than they did a year ago, while several recent reports have highlighted improvements to the housing market since the Government launched the Funding For Lending scheme in 2012, which has made mortgages more readily available and raised competitiveness in the industry.

The Bank of England has also predicted that lenders will slash their rates further in the coming months as competition intensifies.

If you have any questions about your mortgage, or any other financial issues, please contact one of our advisors who will be happy to help.

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