House prices rise by £65 each day

For sale signsBritain's homes have added £65 a day to their value over the last three months as the housing market revival continues, a property website has reported.

A typical rise of 2.6% or £5,899 to the typical house price in the second quarter of this year has pushed the total value of the country's housing stock to £6.2 trillion, according to Zoopla's estimates.

All regions across Britain saw increases of at least 2% to property prices in the last three months, marking the first time this has happened since the financial downturn as confidence flows back into the market, Zoopla's report said. The average value of a house in Britain now stands at £235,912.

In cash terms, London outperformed the rest of the country with a typical £12,610 increase to the value of properties over the second quarter. But looking at percentage increases, the East Midlands, Yorkshire and Wales recorded the strongest rises.

Ellesmere in Shropshire, Ripon in North Yorkshire and Snodland in Kent were named as Britain's property hotspots, all recording house price increases above 3.2% in the last three months.

Despite the strength of the London market, no areas in the English capital made Zoopla's top 10 "best-performing places" list. Many of the places with the biggest percentage jumps had below-average house prices, such as Rhyl in North Wales and Mirfield in West Yorkshire.

At the other end of the scale, Glenrothes, Fife, Heywood in Greater Manchester and Spennymoor in County Durham were named as the worst-performing areas by Zoopla, although even they saw house prices increase, albeit at half the pace of the areas which recorded the biggest rises.

The upturn in the housing market has been surpassing experts' expectations amid signs that lenders are offering more attractive mortgage deals and also appear more willing to lend to people with low deposits. Lenders have been reporting a surge in first-time buyers coming into the market in recent months, which should help to free up some stuck chains.

Much of the widened mortgage availability has been put down to Government schemes such as Funding for Lending, which gives lenders access to cheap finance to help borrowers, as well as initiatives such as NewBuy and Help to Buy, which are targeted at helping people with small deposits.

Sellers are also appearing more bullish about sticking to their asking prices, which is thought to be partly due to a shortage of homes for potential buyers to choose from.

The people who affect house prices

The people who affect house prices

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