Have a guess what the total value of privately owned homes in the UK is, go on have a think and pick a figure. Got it? OK, research conducted by Halifax (you’ve skipped this and looked at the number haven’t you), were you close? £3.755 Trillion, which is, a lot and more than double what the housing stock was worth just ten years ago.

Sitting at £1.719trn in 1999, the increase of more than £2trn in property value is equivalent to £33,000 per person in the UK, but as would be expected the value of the nation’s housing stock has fallen by 8% in the last 3 years, reflecting the reduction in those able to sell property and the drop in house prices. The research also revealed that the north-south gap is narrowing with the value of housing in the north increasing by 132% compared to 109% in the south over the decade.

At a time when houses are very affordable and mortgage deposits are so high, first time buyers (FTBs) are facing a veritable lock-out unless they can find 15% – 30% of the property value. So, how do you buy a house at a time like this? Well, maybe this can help…

According to a survey conducted by the Royal Institution of Chartered Surveyors (Rics), the suspension of Home Information Packs (HIPs) has resulted in more property being placed on the market in England and Wales. Despite the rise in homes on the market, a fast house sale is unlikely as the number of completed sales over the the 1st quarter months fell by 5%.

The suspension of HIPs and the abolition which is to follow was announced by the new coalition government in May and described as “needless red-tape” by housing minister Grant Shapps. Although the need for a HIP has been removed, sellers are still required to provide an energy performance certificate will remain. As for a HIP replacement (sorry, couldn’t resist), there are no signs this Government will be entertaining that idea throughout this Parliament.

House Price surveys – they’re like 4 suspected criminals that haven’t got their story straight, all giving different versions of the truth. Ok, that’s probably one of the worst similes you’re likely to see but it kind of gets the point across that the state of the housing market depends on who’s survey your looking at. So why are they always different? Well, maybe this can help explain…