Joint ownership could enable individuals to access the housing market, as new figures reveal house prices were 11 per cent higher in May this year than during the same period in 2009.

The House Price Index shows the month-on-month increase in May 2010 was 0.7 per cent, up from the average property value of £198,840 in April.

Individuals who fear the market will continue to rise before they are able to secure a deposit or mortgage may see joint ownership as a viable option, allowing them to buy a property sooner and make the most of relatively good deals following the recession. 

May's data showed average house prices paid by first-time buyers were 11.6 per cent higher than twelve months before, while former owner-occupiers paid around 10.8 per cent more than in 2009. 

Communities and Local Government is the department responsible for collating information on the property market and also deals with regional governance, urban regeneration and planning. 

At FirstRungNow we can demystify joint ownership and offer you advice on joint mortgages!

13-Jul-2010

Published by Helen Adams