Top Property News

It's good news for first time buyers this week, as the Government has launched a new equity scheme, FirstBuy, whereby house hunters will only have to raise a deposit of 5 per cent for a 75 per cent mortgage. The Government and housebuilder will offer a loan of up to 20 per cent, boosting the purchaser's chance of getting a foot onto the property ladder.

According to Rightmove, house prices have risen for the sixth consecutive month, up to £240,394, which equates to a 0.6 per cent month-on-month increase and a 1.3 per cent year-on-year rise. However, forecasting shows the second half of the year is unlikely to be so positive. Elsewhere, research has found that homeowners in the best performing economic areas of the UK have seen the price of their property rise by almost £150,000 over a decade. The East London areas of Canary Wharf and Docklands come out on top. Eight out of ten areas with the lowest levels of economic activity were in Wales and the North West.

And finally, savvy homeowners are renting a room out to lodgers in a bid to earn some extra money. One in ten householders currently does so, the combined efforts of which are worth £3.9 billion a year in payments, averaging out at £182 per month.

Click here for the full stories behind the news.