New figures show that the average house price has hit record levels.
The research, carried out by LSL Property Services, has said the average house price is now £232,801, which is an average increase of £5663 from last years figures, reports independent.co.uk.
Director of LSL Property Services, David Newnes, said that this is good news and the improvement in mortgage availability, especially to first time buyers, has helped boost the housing market.
“The catalyst has been a significant improvement in mortgage availability which is thawing the frozen first-time buyer market. The plethora of attractive mortgage deals on offer is working wonders and wider pools of buyers are flocking to the market,” he said.
The property boom will no double boost opportunities for builders and estate agent recruitment, particularly in London, which has triggered the growth.
According to cityam.com, the LSL's data also revealed that large property loans for buyers who have a deposit that's less than 15 per cent of the house value have also risen dramatically. There was a 47 per cent rise in loans with small deposits in June this year, compared to 2012.
The Council of Mortgage Lenders published a different report which showed that in May, there were 42 per cent more first time buyers than there were a year ago. Forty-five per cent of all loans were for first time buyers too.