Brian Murphy, head of lending at Mortgage Advice Bureau (MAB), comments:
“House price recovery has once again been driven by the capital, with the Land Registry’s figures showing London property prices rose 11% in the twelve months to December 2013. However, greater access to 95% mortgages is arming Londoners with the tools they need to tackle higher prices. As a result, we saw average deposits in London fall by 7% in the last three months of last year*.
“Homeowners across the UK will be pleased to see house price growth is no longer a one horse race: all regions except the North East have now seen an annual rise in property prices. The East of England saw a marked annual rise of 5%, reassuring consumers that the shoots of recovery are spreading far beyond the South.
“Growth is good providing it is measured and controlled. Nationwide’s Index suggests prices will continue to strengthen as 2014 continues. With the Bank of England at the helm, we are confident that the housing market will be steered towards a sustainable recovery, injecting life back into the UK economy.”
*MAB National Mortgage Index (December)