House buying on the up

30th September, 2005

The property market appears to be experiencing a boom as new figures show that more people have purchased houses than have done in the last 14 months.

After reports of a market slow down, the Bank of England's figures show that in August, 107,000 mortgages were approved, demonstrating a surge in purchases.

The amount was well above the previous 12-year average and housing experts are pointing to a brighter future for the market.

When buying a property for the first time, it is important to ensure that people have taken out adequate home insurance.

Home insurance will protect the home itself from damages such as bad weather, fire and vandalism. Contents insurance will also safeguard belongings, so that in event of robbery, homeowners can get their personal things replaced.

If the property is a second purchase, or a buy-to-let purchase, buyers should remember to transfer existing insurances or purchase new home insurance. Landlords can look into specific insurances that are tailor made for rental.

 

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