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250,000 new properties hit market

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A quarter of a million properties were listed on the market between April and June this year, figures from Experian suggest.

The credit scoring firm said the number of new properties listed was 3% higher than a year ago and the market had not been this active since 2010.

The North West saw the biggest surge in property prices, with a 16.57% increase in supply during the last 12 months.

However, many properties are increasingly out of reach for the general population, particularly in London where prices have continued to spiral.

The number of high end homes – valued at over £500,000 – being listed on the property market increased by 17%. In central London this figure was 18%, while in the Greater London area it was 25%.

At that same time the number of more affordable properties slumped in the capital. The number of homes worth between £100,000 and £250,000 declined by 44%, the survey found.

Less than 2,000 properties came onto the central London market in this price band, with an additional 1,500 available in the rest of the Greater London region.

Andy Wills, data director at Experian Consumer Information Services, said that borrowers were struggling to get onto the housing ladder due to rising prices.

“As the housing squeeze continues to impact first and second time buyers as well as growing families, putting yourself in good financial shape and having a strong credit score is vital to securing the mortgage you need.”

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