House prices shot up in September, their fastest rate for 3 years according to data released by Nationwide Building Society. Prices were up from 3.5% in August and will be another reminder to the government that they need to keep a watchful eye on the property market according to analysts. These increases are the highest since July 2010 and many people are concerned that house price growth is running away again.
The Chancellor George Osborn has asked the Bank Of England to monitor the second phase of the Help To Buy Scheme that is being rolled out in January 2014. Currently buyers can only access this scheme if they want to purchase a new home but in January buyers of older properties will also be able to apply.