‘Property price growth continues’
Potential property buyers could be set to find the cost of their secured Homeowner Loans increased as a new study indicates the average house has broken the £100,000 barrier.
According to research by Halifax, homes across Britain now cost at least £100,000 during the first three months of the year.
The survey revealed that property around the country rose in prices, with Scotland reporting growth of 7.5 per cent over the quarter, settling at an average price of £138,655.
Meanwhile, buyers in Northern Ireland could find their home loan costs rising as houses in the principality were shown to have broken the £200,000 mark.
As a result, the region is reported to be one the most expensive areas of Britain to live in, alongside London and southern England.
Chief economist Martin Ellis said: "House prices continue to rise in a tight market but there are emerging signs that pressure on householders’ finances, partly due to the rise in interest rates since last August, is dampening housing demand."
Overall, house prices rose by 2.8 per cent during the quarter, compared to growth of 4.2 per cent during the last three months of 2006.
Mr Ellis suggested that despite increasing interest rates, a lack of housing supply is set to drive property prices.
Last week, housing charity Shelter suggested that a rising number of first-time buyers are stretching themselves to make home loan repayments in a bid to get onto the property ladder.
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