RECENT figures from the Nationwide building society show that house prices are consistently rising again for the first time since December 2007.

This is great news for homeowners, especially those with high borrowings, but not so good news for those still waiting to get onto the ladder.

I however would err on the side of caution and not get carried away too soon, as there are many differing factors which will decide whether you wish to buy or not.

Some experts have stated that the only reason for the current rises is due to the fact that there are simply far fewer properties on the market at present, as many people simply cannot afford to move.

Demand is therefore very low, but is now growing for fear that rates may increase soon.

This leads me nicely onto my next point. Many months ago I wrote that lenders were significantly increasing their margins on borrowings, although the cost of borrowing was reducing.

This is a trend that has not changed and although Bank of England base rate has remained unchanged at 0.5 per cent since March, lending rates have continued to rise.

I think it is obvious to many of us that rates will increase in the near future, as they can’t reduce much more. However, lenders pre-empting these rises and passing on those costs immediately to prospective buyers and those looking to switch mortgage products, will continue to stall the market.

Recent Bank of England data demonstrated in the clearest possible way that a lack of finance is a key obstacle to a more meaningful increase in transaction levels.

Putting it light-heartedly, property ownership is similar to the squirrel problem this country is also facing. I would think the majority of borrowers in this country feel like the American grey squirrel. Now being in the majority, they are not well liked and nobody wants to help them. The Government and certain authorities regret their introduction and even want them to be culled. The future therefore looks bleak.

However, if you have pots of cash at present, need little or no mortgage and wish to buy a house, you are the much loved British red.

The outlook is very rosy.

You are certainly an endangered breed but you are in a position to take advantage.

You can go anywhere you wish and feel pretty happy with life.