More and more people are successfully taking out a mortgage and this is forcing property prices upwards in certain parts of the UK.
Rightmove has confirmed the average asking price for a house is now £249,841, surpassing the previous record set in June 2012.
Property valuations have risen for five consecutive months and it is no surprise to see the south-east of England outperforming the rest of Britain.
Houses in London are now selling for an average of more than £500,000 for the first time. Estate agents in East Anglia also reported a record month for house prices in May.
However, Miles Shipside, Rightmove director and housing market analyst, suggested that not everybody has found it easy to secure a home loan.
“Despite a new national record, it’s not ‘green shoots of recovery’ across the board, especially for those without access to a significant deposit,” he remarked.
Mortgages still account for the bulk of people’s monthly outgoings, although a new study by First Utility has revealed that energy bills could soon become the biggest burden for households, the Telegraph reports.
The organisation said this could happen over the next five to ten years if current trends persist.
