Homes earn a fortune
With the average house price rising by more than £3,400 during February, the average daily increase equates to £122 per day. The annual amount earned by our bricks and morter is in excess of £40,000 against the average salary of £24,000 gross. House prices in the south east rose by 8.6% to an average of £216,230 an annual increase on 2005 of 8.5%. The increase in property prices is fuelled by the lack of supply as demand has risen rapidly along with single households growing further. During 2006 around 160,000 new homes were built against 200,000 households.
Lenders have become more flexible with their approach to lending and the days of only offering 3.5 times salary multiples have long gone for many who see the need to increase the amount they are willing to lend. Fifty year mortgage terms have become a reality and multiple applicants are more common. | 
