Recovery talk "very reckless"

Homeowners considering whether to move or improve with something like a conservatory or glazed canopy should be careful not to look too much into interpretations of recent figures regarding house prices.

That is the view of financial solutions provider for first-time-buyers Firstrung, which suggested the industry has a long way to go before it recovers.

Nationwide and the Land Registry both recently released figures and statements showing residential property values had risen, but Firstrung chief executive officer Paul Holmes suggested there is a long way to go yet.

He said after a year of price falls, a small rise leading to talk of a recovery was "very reckless".

"The distortion of the market and the distortion of all these statistics has been caused by the absolute stampede of people trying to sell their very expensive properties," the expert stated.

Land Registry statistics put the average value of a home at £153,046 for England and Wales – meaning a 0.1 per cent rise in June.

The largest increases in value were seen in London, where properties are now worth two per cent more.