12 Sep

Housing market recovery 'is spreading'

Housing market recovery 'is spreading'

The recovery in the UK housing market is spreading beyond London and the south-east, a new study from one of the country's leading housebuilders has shown.

According to findings released by Barratt Homes, prices and the number of sales are becoming better further north and across the nation in general thanks to mortgage availability and affordability in recent times.

It said that its average selling price across the country as a whole has risen to £194,800, which means it now sits at 7.9 per cent higher than a year ago.

It expects that it will sell around 45,000 new homes in the next three years. In recent months, the sales of new properties have been boosted by Help to Buy, a scheme expected to deliver 74,000 new affordable properties in the next few years.

Barratt's chairman Bob Lawson said that the improvements in the mortgage market across the country were mostly to be credited with boosting growth.

"Significant progress has been made on the availability of finance for customers and the mortgage providers' capacity to lend has slowly improved," he said.

"This has been accelerated by a series of Government mortgage initiatives - FirstBuy, NewBuy and Help to Buy."ADNFCR-1222-ID-801636874-ADNFCR

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