House prices hit 11 year high
UK house prices hit an 11 year high in September, a new report shows, mostly thanks to the government's Help to Buy scheme.
According to telegraph.co.uk, the survey from the Royal Institution of Chartered Surveyors (RICS) reported that 54 per cent of its members said they saw house prices rise last month. In addition, 49 per cent said they saw an increase in new buyer enquiries and the number of properties on the market hit a four year high too.
It is believed that the increase in first time buyers is largely thanks to the government's Help to Buy scheme, which allows buyers who can only save up a five per cent deposit to purchase a new build home.
The number of first time buyers is expected to increase, as today (8th of October) the government launched the second phase of Help to Buy, which will enable buyers to purchase existing builds as well as new builds under the scheme, reports dailymail.co.uk.
However, Peter Bolton King, RICS global residential director, notes that although the number of houses for sale is at a four year high, there still aren't enough properties up for sale to meet demand.
"It's encouraging that the market is starting to improve in all parts of the country with more buyers looking to make a move and more sales going through," he said. "Even so, it's a big concern that the supply of property coming to the market is lagging so far behind demand."