Signs of Revival in UK Housing Market
For the first time in over 6 years the UK housing market is showing signs of a revival. According to the Council of Mortgage Lending (CML) it was mostly due to an increase in first time buyers coming into the property market over the last year. This resulted in a 12% increase giving a total of 216,000, which is the highest level since 2007. The boost is due to the Bank of England's 'Funding For Lending Scheme', which has allowed more buyers to obtain a mortgage.
Additionally, house prices rose by 3.3% in the last year according to the Office for National Statistics (ONS). However, house prices in Northern Ireland have continued to fall.
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