House prices have risen in the last quarter with the largest gains not surprisingly being found in London and the south east. The capital has seen rises of over half a percent in the last quarter which has undoubtedly had a big impact in the over UK property market. Further good news for the UK’s residential housing market is that the number of first time buyers registering with estate agents has increased in the last month by just less than half a percent. Although this may seem a minor amount it follows rises of 2.1 and 4.4 in the previous two months. So those allusive first time buyers are coming back to start chains and simulate the rest of the residential sector. The time properties are taking to sell is just over nine weeks with vendors achieving around 93 percent of asking price. With increasing real term mortgage interest rates and concerns over the wider economy prices will not rocket in the near future. There is however signs that many in the property sector are starting to waken from their slumber that started in the beginning of the world wide economic down turn. With increasing good news coming from the commercial property sector starting with the boost in interest in London office. Could this be the beginning of the new upward cycle in the property market?