'Positive growth' for house prices

Asking prices for homes in the UK have moved into positive annual growth for the first time this year, new research has shown.

The first Findaproperty.com House Prices and Affordability Index has indicated that property prices are currently £512 higher than at this point last year.

There is increased confidence across the housing sector and this is translating into a rise in buyer interest.

Homes at the top end of the market are increasing in price most steeply, while flats are not growing in value at the moment, according to FindaProperty.com's data.

Michael O'Flynn, director of the company, noted that people have been waiting for "movement into positive annual growth in house prices" before making their move in the marketplace.

He added: "There is no doubt that lending criteria remain tight, but many existing homeowners are still able to access the mortgage market using the equity they have built up over the years."

The Home Builders Federation has claimed that it may be cheaper to buy new houses than to spend money fixing up older properties.

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