House prices edge upwards as mortgage market thaws – Telegraph Blogs

House prices edge upwards as mortgage market thaws – Telegraph Blogs

House prices edged upwards by 0.2pc last month, according to Nationwide Building Society, as lending increased three years after the global credit crisis caused a mortgage famine in Britain. Other lenders are easing terms to tempt first time buyers back into the market with low rates and higher loan to value (LTV) deals.

Skipton Building Society was one of the first to reintroduce 95pc LTV mortgages earlier this year and this week reported lending has more than doubled since 2010, although advances remain about half their level in 2008. David Cutter, chief executive of Skipton Group, said: “We are cautiously encouraged by recent trends and believe higher LTVs are sustainable, subject to affordability criteria including income multiples and total indebtedness.”