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Uk House Prices Hit All-Time Peak, Deterring First-Time Buyers

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http://uk.reuters.com/article/2013/08/08/uk-britain-housing-idUKBRE97717920130808

House prices in England and Wales reached an all-time peak in July, driven by strong demand in London, though purchases by first-time buyers remain well below historic levels, a report showed on Friday.

House prices rose 0.3 percent in July to a record 232,969 pounds ($361,500) in July, bolstered by a government housing scheme to subsidize purchases, according to the report by LSL Property Services and economics consultancy Acadametrics.

Business Secretary Vince Cable has warned the scheme to help homebuyers could just fuel a house price bubble.

David Brown, commercial director of LSL Property Services, said low housing stock was inflating prices and first-time buys were running at half of normal levels.

Low housing stock inflating prices....

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Business Secretary Vince Cable has warned the scheme to help homebuyers could just fuel a house price bubble.

Could fuel a house price bubble? Could?! :angry:

Prince Vince still working flat out to ensure that the number of Lib Dems returned at the next GE is 0.

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