The East of England is now the region with the fastest rising house prices – ahead of London – with annual growth of 8.9% recorded by the Land Registry, nearly twice the national average.
Nick Barnes (NB), Head of Research at Chestertons:
"House price growth may be slowing in most parts of the country, however affordability has not improved. First-time buyers are particularly frustrated that, despite low interest rates, they often struggle to raise a deposit, especially if they are trying to save while renting.
Could an interest only mortgage tailored for first-time buyers and the Government's shifting emphasis to delivering more affordable homes get this part of the market moving again?"