Warners Welcomes Latest Nationwide Report on UK House Prices

housing report

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House prices are remaining strong in Edinburgh but more needs to be done to encourage first-time buyers to make their first purchases, according to the city’s leading estate agent.

Responding to the latest Nationwide report, which shows UK house prices have risen for the seventh successive month, Warners estate agency partner Scott Brown said:

“It’s clear to see from these latest figures that property values are continuing to increase and this is a trend that we are witnessing not only in Edinburgh but across the rest of Scotland.

“Confidence in the property market is steadily improving and many people have been entering the market in recent months – often because they are attracted by the low interest rates and see the current market conditions as the perfect time to buy their first home or trade up for a new property.

“Of course, house prices and the number of sales are still well down on where they were at the peak of the market in 2007, so we still have a long way to go before we see a full recovery.

house price uk

“There also needs to be more help provided for first time buyers, as many of these people are finding it difficult to secure a mortgage unless they have a sizeable deposit to put down first.

“Although initiatives like the Government-funded LIFT scheme are in place to help first-time buyers, more funding is needed to ensure that it gives sufficient assistance for them to make their first purchase – as every one of these entry-level purchase will help spark further activity along the property chain and encourage future recover in the market.

“However, there’s no doubt that we have certainly moved forward considerably from where we were 12 months ago when I look at the market in Edinburgh and Lothians, and there is reason to be optimistic about its prospects in 2010.”

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