Official data from the Office of National Statistics has suggested again that average values have risen by approximately £23,000 in the past year. This official data suggests the average home is currently valued at £265,000 – up 10.2% on the previous year – although the Daily Express report adds that the market is “cooling down”. Whilst many home owners may be happy at the news, the effect is less than desirable for first-time buyers in London, according to the Metro. This publication says that they need to find £63,000 more for a home than they did last year, with the average minimum deposit reaching £19,350 to put against the typical starting prices in London at £380,000.

However, The Daily Telegraph uses separate figures to illustrate an identical problem, commenting the national average price for a first property reached £204,000 in June, up £22,000 on the previous year. Yet One estate agent cited that the new mortgage regulations and more diligence by lenders coupled by prospective interest rate rises, is seeing signs of the market slowing. One has to consider that there are so many house price indices doing the rounds that it seems as if almost every week the media are telling us that we are in the midst of a housing bubble. The rental market also seems to be buoyant as there seem to be fewer instances of properties remaining empty for significant periods. Short term cheap empty house insurance policies have also remained static and cheap insurance for probate properties is also very popular as properties that need a little attention are often snapped up, often without being marketed