The housing market has seen a shocking rise in recent times. During February this year, the asking prices have reached the highest levels since 2008. Moreover, in Wales and North West of England, there have been monthly leaps of 5% in house prices. The market is rapidly gathering pace, as January has been recorded as the busiest ever month, regardless of the price jump of 1.1% from last year. The market recovery can be credited to the recent Government schemes that give people a decent chance to manage their mortgage lending.
This scheme is proving to be very rewarding for the housing business as The Council of Mortgage Lenders (CML) recently brought into attention that property lending to first-time buyers reached the highest since 2007.
First time buyers may be catching up with the race this year, but the market is still being dominated by relatively older population. According to Rightmove about 70% of the people who will be selling their properties are over the age of 45, half of whom will be third-time buyers. The sprightly start that is currently occurring in the housing market is showing a new horizon since the credit crunch, building momentum in the market again.
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