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Loan claim: House prices rising fast

New data shows that house prices are experiencing their fastest rise since 2011.

According to research from Nationwide, the annual price growth rate for May was 1.1 per cent. This is the highest annual growth pace since November 2011.

House prices for May had gone up by 0.4 per cent.

It is thought that this growth in house prices has been spurred by government initiatives such as the Help to Buy scheme and the Funding for Lending Scheme (FLS). Both of these were implemented as a means to reduce the cost of mortgages.

Yet, while Help to Buy can help cut home finance costs, it is feared that it will create a housing bubble. As it is available on homes up to the value of £600,000, it could push house prices to unaffordable levels.

Meanwhile, FLS is available for first time buyers and new businesses. While it has not helped much to extend credit to businesses, it has helped more first time buyers achieve cheaper loans.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801592114-ADNFCR

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