Residential homes increase in price by 1%
Residential conveyancing solicitors are likely to be aware that this brings the average house price to £162,441.
Furthermore, the number of homes sold increased in England and Wales – from 60,369 in November 2011, to 61,091 in November 2012.
The data also reveals that in the last 12 months, London saw the largest rise in the price of homes – at 7.1%, the North West of England saw the greatest fall – at 4.2%.
A house sales expert believes that the rise in house purchases is due to the banks being able to offer a greater variety of mortgages.
“House prices have been rising steadily…more first time buyers are getting mortgages.
“Stronger funding conditions are the driving force behind the improvement. The Bank of England’s Funding for Lending Scheme has pumped cheaper funds into banks’ balance sheets…It has allowed them to offer a wider range of mortgages to a wider pool of borrowers.”General